1596 Union Turnpike

Asking Price: $3,000,000

Cushman & Wakefield’s Long Island Investment Sales Team is pleased to exclusively offer the leasehold interest located at 1596 Union Turnpike, New Hyde Park, NY. The purchase is for the ground lease only. The subject asset is a four tenant retail strip center located on the hard corner of New Hyde Park Road and Union Turnpike, a high density commercial / residential neighborhood in Nassau County. The asset benefits from a 70,000 vehicles / day traffic counts along New Hyde Park Road and Union Turnpike. The building is comprised of 14,651 SF situated on 41,992 SF / .96 Acres of land that provides 46 on-site parking spaces.

There are four commercial leases within the building, with all but Karako Suits being Absolute NNN, enabling the ground lessee to transfer an abundance of ownership costs (such as real estate taxes, maintenance & repair, CAM) to the occupying tenants. Karako Suits recently signed a month-to-month Gross Lease with ownership, far below market rent, which temporarily fills a vacancy until a credit-worthy NNN tenant leases the unit at market rent. 

The property has a long-term ground lease with approximately 39.6 Years left on the term. The annual ground rent increases by 10%, every 5 years, and has no remaining options to renew. 

For more information, please contact the exclusive brokers directly.