Long Island Apartments Sell for $8M

Cushman & Wakefield represented the seller of three-story property, which was was built in 1959 and is located within walking distance of public transportation and retail options.
The Phillips House
The Phillips House

Cushman & Wakefield has arranged the sale of a 44-unit apartment community in Hempstead, N.Y., for $7.9 million. The final sale price equates to more than $175,000 per unit and a cap rate of 5.5 percent. Benjamin Efraimov and Kevin Schmitz of Cushman & Wakefield represented the seller, Dirot LLC, which purchased the asset in May 2013 for $4.3 million. 

Located at 482 Front St., and known as The Phillips House, the building sits next to two local bus routes and within one mile of the Hempstead LIRR train station, providing access to New York City. The property was built in 1959, totaling 37,932 square feet, and includes 30 one-bedroom, four two-bedroom and 10 studio apartments. Thirty one of the apartments are rent-stabilized. The building’s amenities include an elevator, 47 parking spaces and a laundry room with four washers and dryers.

“Downtown Hempstead is currently undergoing an extensive $2.5 billion redevelopment that will include mixed-use apartments, restaurants, shops and more,” said Efraimov, director at Cushman & Wakefield, in a prepared statement. “482 Front St. presented the buyer with an exceptional opportunity to invest in a fully leased property in a rapidly growing area.”

Earlier this year, a 450-unit Long Island residential property, sold for $140 million.

Image courtesy of Cushman & Wakefield