Hildreth Real Estate Advisors, a New York City-based real estate firm, recently purchased three Long Island properties. The transactions are:
A one-story, 7,005-square-foot downtown Hempstead retail property with eight stores for $1.6 million. Anthony Ciafardoni represented the seller, Silber Properties. Schuckman Realty will handle all leasing and Breslin Realty will handle property management.
A two-story, 2,528-square-foot commercial property at 289 Main Street in Huntington for $1 million. Prior to closing, Hildreth attracted Endo Healing, a local wellness company as a tenant for the 1,408-squre-foot ground floor retail space. The Huntington shop is expected to open by the end of March. The building’s undisclosed seller was represented by Michael Gronenthal at Douglas Elliman Real Estate.
A two-story mixed-use building at 54 West Main Street in Riverhead. The price for the 4,843 square foot building that was built in 1922 was $475,000. Hildreth plans to re-purpose the building renovating retail and converting the rest into two, one-bedroom apartments, along with other cosmetic updates to the building.
“Hildreth is evaluating opportunities to acquire additional properties in the area,” said Hildreth’s Co-Founder David Shorenstein. “We strongly believe that Riverhead is an up-and-coming market and the opportunity zone classifications provide substantial tax benefits for investors.”
Ike Israel of Richmond Realty Corp., who represented the undisclosed seller, said the restaurant space and apartments will be offered for lease and will be ready for spring occupancy at market rates.