CityBizList | May 10, 2017
GFI Realty Services, LLC today announced the $4.75-million sale of 301 Central Avenue, a trophy mixed-use property in Lawrence, New York. The property is comprised of twelve apartments, two retail spaces, one of which was delivered vacant, and two antennas. GFI Realty Services, LLC was retained as the exclusive agent for this property. The GFI Realty team of Associate Curtis Grosser and Managing Director Yosef Katz represented the seller and the buyer, both of whom are local investors.
The property has been under the same ownership for the past forty years and has been maintained in excellent condition. In recent years, the property received significant renovations to the apartment interiors as well as the exterior façade.
“This building, which was modeled after the Cartier building in Manhattan, has been a staple in the Lawrence area for decades,” said Grosser. “The building currently houses Stefan’s Florist, a community institution, and new ownership is eager to retain this tenant for years to come. The buyer intends to hold onto this mixed-use asset for the long term and looks forward to playing a role in its continued service to the community.”
The building is ideally located on the Central Avenue commercial corridor, which boasts several national retail tenants, including TD Bank and Bank of America.
Added Katz: “The buyers immediately recognized the value of this trophy asset, which has been kept in immaculate condition. 301 Central Avenue is located on a prime corner, which makes the presence of vacant retail space particularly attractive. They expect to see strong leasing interests from a wide range of retailers, and anticipate receiving a very strong return on their investment.”
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