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PX4 Development Buys 13-Acre Site for $7M
PX4 Development has secured a $7 million acquisition financing for a 13-acre land site located at 215-263 Carleton Ave. in Central Islip, New York.
The property, formerly utilized by the New York Institute of Technology (NYIT), comprises several buildings and facilities and is set for transformation under PX4 Development’s plans, including a proposed multifamily residential complex, a grocery store, and a medical office building.
Northmarq’s Keith Braddish and Eli Levenfeld arranged the financing. The lender provided funding in excess of 100% of the land acquisition price due to the borrower’s ability to entitle and subdivide the property.
- ◦Sale/Acquisition
