A New York investor recently purchased a commercial property for more than $6 million. This Dongan Hills property was among the most expensive ones in the borough Staten Island, considering its size. However, the prices of many commercial real estate properties in the borough have skyrocketed, which may be a positive sign for investors in the Bronx and other parts of New York who are looking for promising investment opportunities.
The commercial property that recently sold is a strip that spans 7,600 square feet. It was built back in 2008 and houses a Chase Bank and Mario’s Restaurant. The commercial strip features a parking area with 52 spaces and a parking deck on the second floor as well.
Apparently, the investor made this real estate purchase because he saw it as potentially yielding a high return. Staten Island is now suddenly on the radar of many investors due to the pending real estate boom in the borough’s North Shore waterfront area. In fact, many of the investors eyeing this area currently are not even from Staten Island, as the pricing for properties in other areas of New York City has become too high for many investors.
Even though the recent purchase of the commercial real estate property in Staten Island went relatively well, this does not guarantee that every commercial deal in New York, including the Bronx, will go smoothly. Every transaction is different, with buyers and sellers having varying goals and expectations. An attorney can provide guidance with each step of a commercial real estate deal to ensure that one’s best interests are ultimately achieved at the closing table.
Source: silive.com, “Commercial property in Dongan Hills sells for $6.1M“, Tracey Porpora, July 11, 2017