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ERG Sells Retail Building in Glen Cove, NY

ERG Property Advisors is pleased to announce the sale of 71 Forest Avenue in Glen Cove, New York. The property is located on the corner of Forest Avenue and Bryce Avenue.

The property is a single-story retail building leased to Payless Shoe Source, Inc. It is approximately 3,620 square feet and is situated on a 33,329-square-foot lot. The building sold for $1,318,553 which represents a 8.65% Cap.
The lease is corporately backed by Payless Shoe Source, Inc (NYSE: PSS) with a B credit rating. The lease commenced in 2010 and runs until August 31, 2020.
For more information about this transaction, or if you have a client or property project that involves a single-tenant investment opportunity, please contact Andrew Greenberg at (646) 253-0950 or  
About ERG Property Advisors
ERG Property Advisors is a full-service commercial brokerage company based in New York City. Our core activities are investment sales, mortgage brokerage and direct capital services. While focused on the broader New York City area as a company, ERG also offers specific market knowledge at the submarket level. Beyond core New York City properties, ERG has access to a vast network of Triple Net properties throughout the United States. In addition to assisting property owners and prospective buyers, ERG provides banks, appraisers, attorneys, and accountants with information and skill sets that support them in their respective roles. Through strategic alliances with select companies we are able to offer our clients access to mortgage brokerage, direct capital services and investment sales brokerage.

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