Dec. 8th 2015 | New York Real Estate Journal
East Norwich, NY GFI Realty Services, LLC arranged the $8 million sale of a newly constructed NNN TD Bank. The TD Bank has a 20-year lease with an in-place cap-rate of 4%.
Yisroel Pershin, an associate of GFI Realty Services, negotiated both sides of this transaction. The seller is a local developer and the buyer is a 1031 investor.
“This transaction represents the demand and lack of inventory in the NNN credit tenant market,” said Pershin. “As a result of the many strong relationships I have cultivated with developers and buyers over the years I was able to sell this asset at an aggressive 4% cap-rate.”
The property is located in East Norwich, NY which is within the Town of Oyster Bay in Nassau County.
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