FOR IMMEDIATE RELEASE
Colantonio and Malul of Schuckman Realty Fill and Sell Trophy Multi-Tenant Retail Property in Garden City
Garden City, NY; Schuckman Realty is pleased to announce the sale of a seven-tenant, retail building at 970-998 Franklin Avenue, Garden City NY 11530. The trophy property is 100% occupied.
The 16,350 square foot, building sits on a 21,780 square foot lot and is located at the Southeast corner of 10th Street and Franklin Avenue in the heart of Garden City. Matt Colantonio and Ari Malul of Schuckman Realty represented both sides in the off-market transaction. The sale closed on October 8th and sold for $16,000,000.
Prior to the sale, Schuckman Realty’s Ari Malul leased remaining space in the property, which fully stabilized the asset. Once full occupancy was achieved, the sale process was turned over to Matt Colantonio of Schuckman’s Investment Sales Team, who represented both Buyer and Seller in the off-market transaction. Seller had owned the property since 2003 and the buyer, a family-office out of New Jersey, completed the purchase as part of a 1031-exchange.
The property is tenanted by Santander Bank, Cold Stone Creamery, and local favorites Kinha Sushi, Grimaldi’s Pizza, and My Three Sons Bagels, among others.
Franklin Ave has become Garden City’s preeminent retail and medical strip, with downtown Garden City’s 7th Street to the south and Winthrop University/NYU Langone Hospital to the north. Franklin Ave is host to many strong national tenants and with NYU Langone’s new medical development across the street in the former Sears property at 11th Street, 970-998 Franklin Ave will continue to be one of Garden City’s trophy properties for years to come.
About Schuckman Realty Inc.: Schuckman Realty is a full service commercial real estate services firm serving New York City, Long Island, New Jersey, and the surrounding tri-state area. The Investment Sales team at Schuckman Realty Inc. brings vast and nuanced market knowledge, insight, and ingenuity to your portfolio from inception to completion. Schuckman Realty offers expertise in determining a property’s best use in terms of value gains to investors, extensive research and vetting process, access to qualified buyers and a proven sales & marketing team with a creative approach to maximize value.
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