MARKET INSIGHTS · LOCAL TRENDS · FUTURE OPPORTUNITIES
September put the cost of capital, changing ownership, and coastal exposure in focus. Here is our monthly look at the transactions, development plans, and local issues shaping commercial property on Long Island’s South Shore.
North Village to Lease Frank’s Steaks
Our office has been retained to handle the leasing of 54 Lincoln Avenue in Rockville Centre, the longtime home of Frank’s Steaks. The restaurant closed in September 2025 after decades on Lincoln Avenue. The 6,166 sq. ft. building sits on a 0.36-acre lot and includes a bar, kitchen, and dining areas. Restaurant space of this size is rarely available in Rockville Centre, where street parking and municipal lots also serve the downtown.
North Village Sets Freeport Record
Our office closed the sale of 27 Hanse Avenue in Freeport at $1,735,000, or $282 per square foot—a record price per foot for industrial product in the Freeport market within recent years. The 6,160 sq. ft. building sits on roughly a 13,000 sq. ft. lot in the Hanse Avenue industrial corridor, was built in 1951, and is configured as two units. Small industrial is the tightest segment we track in Nassau. Pricing keeps climbing because the buyer pool for owner-user space under 10,000 sq. ft. has nowhere else to go.
Five-Year Treasury Continues to Climb
The five-year Treasury is a key benchmark for many local commercial lenders. Its movement affects borrowing costs, monthly debt service, and the amount a buyer can finance. A change in rates can alter the numbers even when a property’s asking price stays the same.
For an owner considering a sale, the useful question is how today’s financing conditions affect the likely buyer pool and achievable pricing. We look at that alongside the property’s income, expenses, and comparable sales.
Nor’easter Floods the South Shore
The September 26 nor’easter drove major coastal flooding across the South Shore, with water in the streets in Freeport, Island Park, East Rockaway, Oceanside, Long Beach, Merrick, Massapequa, and Lindenhurst. The LIRR suspended the Long Beach branch, power outages affected the region, and beaches experienced erosion. Montauk recorded an 81 mph gust.
Coastal exposure is part of the property analysis. Buyers are underwriting flood risk and insurance costs alongside the rent roll, location, and physical condition.
Nassau IDA Backs $9.5M Long Beach Redevelopment
The Nassau County IDA approved benefits for Starock Group’s redevelopment of 367 West Park Avenue in Long Beach, a three-story, 33,000 sq. ft. building vacant for about 20 years. The package includes sales tax exemptions, a mortgage recording tax exemption, and property tax savings over 15 years.
Starock plans $9.5 million in improvements, with an insurer taking the top two floors and moving 50 employees from elsewhere in Nassau, and a retailer on the ground floor.
Beechwood’s 92-Unit Westbury “Condotel”
The Hempstead Town Board heard Beechwood Organization’s request to rezone the former TGI Fridays site on Merrick Avenue for a 92-unit “condotel”—a format in which units are individually owned and rented as hotel rooms when owners are away. The board left the hearing open without voting. Beechwood bought the property in 2025 for $12.75 million and is asking the town to add the site to its Planned Unit Development District and amend the code to permit condotels.
Mount Sinai’s $20M Carle Place Surgery Center
Mount Sinai is building the 20,400 sq. ft. Peakpoint Central Nassau Surgery Center at 371 Old Country Road in Carle Place, a $20 million ambulatory facility. Plans include two operating rooms, two procedure rooms, and 17 recovery bays. The center is a joint venture with physician investors and Merritt Healthcare, and will serve as a hub for roughly 25 surrounding doctors’ offices.
The system, whose only Long Island hospital is in Oceanside, opened a 63,000 sq. ft. multi-specialty center in Wantagh last year.
Thinking About a Sale?
North Village Realty specializes in representing commercial property owners on Long Island’s South Shore. If you are weighing a sale in the next year or two, the conversation is worth having early.
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September 2026 newsletter archive. Development plans and market conditions reflect the information in this edition and may change.