Three car washes acquired by expanding Inwood group

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Inwood-based Empire Car Wash Group has acquired three car wash businesses in a deal valued at more than $21 million. 

The acquisitions included Ultrasonic Car Wash businesses at 1542 Old Country Road in Plainview, 249-24 Jericho Turnpike in Bellerose, and 255-39 Jericho Turnpike in Floral Park. 

The deal also included the properties that the Plainview and Bellerose car washes occupy. The Ultrasonic Car Wash in Plainview has a 3,500-square-foot car wash and a 7,500-square-foot auto repair shop on a 1-acre lot that sold for $4.1 million. The Ultrasonic Car Wash in Bellerose has a 7,000-square-foot car wash building on about .50 acres that sold for $9 million. 

In addition to the real estate, the three businesses combined sold for more than $8 million, according to the broker on the deal. 

The acquisitions expanded Empire’s growing portfolio to nine car washes. Besides the three newly acquired businesses in Plainview, Bellerose and Floral Park, the company also has car washes in Inwood, Oceanside, Elmont, West Islip, Hampton Bays and Westhampton. 

Michael Steinberg of Huntington-based HedgeStone Business Advisors represented the buyer, as well as the sellers, Roger Green and Eric Petzold, in the sales transactions. 

Steinberg has brokered more than 40 car wash sales on Long Island and around the New York metropolitan area in the last three years. 

“It took me two years to close this deal,” Steinberg told LIBN. “I presented an incredible opportunity to the buyers, and they seized it.”