Port Washington Main Street Building Sold For $1.3M

The building that houses a popular Port Washington restaurant was recently sold in cash for $1.285 million, according to real estate company American Investment Properties Inc.

The property, located at 294 Main St., is home to La Petite Framboise French bistro and two, two-bedroom apartments.

The transaction amounted to $252.05 per square foot for the 5,098-square-foot mixed-use building.

The building was sold by 55 Wall Street Realty Inc., an affiliate of Huntington-based Restar Hospitality Group to MKJK LLC, of Garden City.

Restar has operated a restaurant out of the building since 1991. The name of the restaurant was changed from Pomodoro to La Petite Framboise in 2009.

Selling the property was a marketing challenge despite its prominent location and the fact that it was 100 percent leased, according to AIP President Ron Koenigsberg, who represented both the seller and the buyer.

Some prospective buyers were concerned that Restar would not occupy the space if they bought the property, Koenigsberg said.

However, the owner of the restaurant plans to remain at the location and the buyer will operate the property without changes, according to AIP.

The buyer was also provided with a cap rate, which is the return based on the price paid and income from rents, of 6.84 percent.

Image via American Investment Properties Inc.