Massapequa Shopping Center Sold to New Owner

MASSAPEQUA, NY - A local shopping center in Massapequa was recently sold to a new owner.

The property, which was sold by commercial real estate investor Joel J. Gorjian, is located on 934-936 North Broadway.

The one-story building is currently home to a dry cleaners and a children’s fashion and rental store.

The 5,600-square-foot, two-tenant shopping center was listed for $800,000.

The new owner, who choose to remain anonymous, purchased the 0.12-acre lot for $600,000.

After acquiring the property, Gorjian renovated one of the tenant spaces and upgraded the building’s exterior before selling it to the new owner.

“The property is fully leased. It was acquired as a long-term investment, however, I decided to sell it in response to an attractive offer from a private buyer,” said Gorjian. “Due to Massapequa’s upper middle class demographics, the North Broadway corridor has a strong and stable market outlook, particularly for neighborhood-type shopping center."

There is no word on whether the new owner will make any additional changes to the property.