A 7,500-square foot retail building along Middle Neck Road in Great Neck Plaza was sold early last week, investors said on Monday, marking the building’s first change in ownership in nearly half a century.
Jung Woo Shin, a Queens-based real estate investor, purchased the building at 27-33 Middle Neck Road for $3.9 million.
It is home to six active stores, including Middle Neck News and Convenience, Spock and Elvis and Kensington Kosher Delicatessen, and one vacant storefront.
Adam Silber, the head of Silber Investment Properties, which managed the sale, said that the buyer might have purchased the property because of how rare sales are in such a “prime, prime spot.”
Shin might also have felt there could be “long-term potential” and a possible return on investment, despite a number of store vacancies in the area, Silber said.
“It made sense for them – that’s really it,” Silber said.
When asked about why Honig Landsman, listed as a Floral Park-based company, decided to sell the property after owning it for more than 45 years, Silber said, “It’s just time.”
“Buildings don’t stick around forever with the same ownership,” Silber said.
Chinho Park of Silber Investment Properties represented Shin. Amanda Gordon and Aaron Etessami, also of Silber Investment Properties, represented Honig Landsman, along with Park.