A 6,137-square-foot mixed-use building in Bethpage was recently sold for over $2 million.
Pervez Kahn, principal of Kahn Capital Group, purchased the two-story building at 10-12 Railroad Ave. that has nine rental apartments and a ground-floor commercial space leased to a bar called Susan’s Pub on Jan. 27 for $2.1 million.
The property sits on .15 acres of land, and the purchase price reflects a $362 per square foot price.
Carle Place-based ERG Commercial Real Estate provided a $1.444 million acquisition loan to Kahn Capital Group for the purchase of the property.
“The owner’s goal was to purchase the property with good leverage to then invest back into the property to add value,” ERG’s Ryan Lewis said on Instagram. “We were able to arrange a five-year fixed traditional mortgage with an interest-only component for the first year, which would then convert to an amortizing loan for the remaining years. We were also able to arrange that for the first year, the borrower would have the option to cash out/refinance without penalty after adding value to recapitalize his investment, further accomplishing the borrower’s goals.”
Tom Bigansky of North Village Realty represented the seller, MMC 2 Inc., in the sales transaction while the buyer was self-represented.
Kahn Capital Group focuses on acquiring value-add properties in both residential and commercial spaces throughout Long Island, according to its website.
