Massey Knakal is pleased to present 42 West Broad Street. The property is a single-story retail building and parking garage currently occupied by a Duane Reade, Metro Fresh supermarket and a vacant 4,500 SF lower level bar/club. The property is on an exit ramp off the Cross County Parkway, offers 175’ of frontage along West Broad Street and 128’ on Fleetwood Avenue and is 2 blocks from the Metro North Fleetwood train station. The site currently generates over $700,000 in annual income (although the Duane Reade lease expires mid-year) and offers significant unused air rights. Prospective buyers can keep the site “as is” or explore a variety of development alternatives. Please call for more information on this exciting listing.
Prospective purchasers have the option of assuming the current mortgage at 1.7% over LIBOR (approx. 2.1% on $3.578 principal balance; 4.5 years remaining term as of mid-March 2013) provided the following terms are met:
Outstanding debt is 75% or less than sales price, and at least 25% of sale price paid in cash
Payment of fee of 1% of outstanding debt
To a “Qualified Purchaser” – principals own at least 2 buildings in NY/NJ, have net worth of at least 2X outstanding debt and liquidity of at least 10% (after acquiring property), never defaulted on an M&T loan, and enjoys a good reputation.