Melville retail property trades for $3.3M

A retail property in Melville has sold for $3.3 million. 

505 WW Holdings LLC, an entity registered to a Roslyn-based real estate investment group, purchased the 9,200-square-foot building on 1.16 acres at 505 Walt Whitman Road. 

The property is fully occupied by two tenants, Steinway Piano Gallery and Grace Music. 

The sale price equates to a 7 percent cap rate. 

Michael Gronenthal of Douglas Elliman Commercial represented the buyer, while Ted Trias served as in-house representative for the seller, Rechler Equity Partners, in the sales transaction. 

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