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A motel and bank property in Commack have sold for $13.8 million.
Mukesh Patel, a Long Island-based real estate investor, purchased the 35,000-square-foot Commack Motor Inn and the adjacent 4,000-square-foot bank building net-leased to Roslyn Savings Bank. The property, which fronts Jericho Turnpike in Commack, totals 2.5 acres.
Roslyn Savings Bank 2225 Jericho Turnpike Commack / Google Maps image
The sale, which includes the motel business, also included a 2,000-square-foot, 3-bedroom house located behind the motel. The sale price equates to a 6 percent cap rate.
The Commack Motor Inn at 2231 Jericho Turnpike has been owned by Raymond Marquez for nearly 50 years. The 92-year-old Marquez, who was given the moniker “Spanish Ray,” achieved notoriety by running an illegal numbers racket in Harlem from the 1950s through 2001, according to published reports. His exploits were featured in a book titled “Gangsters of Harlem.”
Michael Steinberg and Joseph Lanciotti of Hedgestone Business Advisors, formerly known as Empire Business Management, represented the buyer, as well as the seller, in the sales transaction.
“The buyer saw an excellent opportunity due to the fact that this is a value-add play,” Steinberg said. “Room prices at the motel haven’t been raised in the last 10 years.”
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Image and article originally from libn.com. Read the original article here.