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Wipe the Windows, Check the Oil, (1.5 million) Dollar Gas
23 Heitz Place, Hicksville NY
The Assignment
Mirabella & Castaldo LLC, purchased 23 Heitz Place in 2003 to run their new spring & brake business. Twenty years later, having sold the business, they no longer needing their 7,225 square foot repair shop, and retained Ron Epstein of RC Commercial Partners to market & sell the property.
The Strategy
With myriad challenging property characteristics, regarding parking, access, visibility and building condition, Ron recognized that the property would be more attractive to end-users than investors. Located on the edge of the Hicksville Downtown Revitalization District, outward appearances seemed to suggest that the surrounding property rush would spill over to 23 Heitz as well. Nevertheless, Ron advised Mirabella & Castaldo that the not being directly within the DRI, there was not sufficient upside potential for the property and that the universe of prospective buyers would therefore be limited.
Having tested the market to determine the appetite for B Class office property in a post-Covid office market, the ownership and I chose to bring the property to market through the Ten-X property platform, thereby ensuring a fair market price would be obtained; and crucially for the seller, with a date-certain close and no buyer contingencies.
As expected, the central Nassau generated tremendous activity, however; there were precious few buyers who were positioned to take advantage of the property as-is. Once the buyer was established (an expanding body & repair shop) and a near full price offer was negotiated, the transaction management had to be very carefully orchestrated; the prospective buyer’s representation lacked familiarity in this area of expertise, so the seller’s team had to help deal with issues on “both sides” of the contract.
The Results
The property was put into contract in less than two months of listing. After overcoming many challenging issues of financing, title, delivery, among numerous other concerns, the deal closed months later.
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Deprecated: Creation of dynamic property ET_Builder_Module_Social_Media_Follow_Item::$margin_padding is deprecated in
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Deprecated: Creation of dynamic property ET_Builder_Module_Social_Media_Follow_Item::$_additional_fields_options is deprecated in
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Deprecated: Creation of dynamic property ET_Builder_Module_Helper_MultiViewOptions::$inherited_props is deprecated in
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Deprecated: Creation of dynamic property ET_Builder_Module_Helper_MultiViewOptions::$inherited_props is deprecated in
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Deprecated: Creation of dynamic property ET_Builder_Module_Helper_MultiViewOptions::$inherited_props is deprecated in
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Deprecated: Creation of dynamic property ET_Builder_Module_Helper_MultiViewOptions::$inherited_props is deprecated in
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Deprecated: Creation of dynamic property ET_Builder_Module_Helper_MultiViewOptions::$inherited_props is deprecated in
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Deprecated: Creation of dynamic property ET_Builder_Module_Helper_MultiViewOptions::$inherited_props is deprecated in
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Deprecated: Creation of dynamic property ET_Builder_Module_Helper_MultiViewOptions::$inherited_props is deprecated in
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