$178K-Per-Apartment for 482 Front St. in Hempstead, NY

An investor paid $7.9 million for The Phillips House, a three-story apartment building in downtown Hempstead, NY, in suburban Long Island. That works out to a price of $178,409 per apartment for the elevator building at at 482 Front St. — or a respectable capitalization rate of 5.5% cap rate.

“Downtown Hempstead is currently undergoing an extensive $2.5 billion redevelopment that will include mixed-use apartments, restaurants, shops and more,” said Benjamin Efraimov, a director at Cushman & Wakefield, who with Kevin Schmitz, represented the seller, Dirot LLC, in the transaction.

The building includes 31 rent-stabilized apartments, and 13 free market units.

For comments, questions or concerns, please contact our New York commercial real estate editor Bendix Anderson