Cushman & Wakefield Arranges $24 Million Sale of Queens, N.Y. Office Building
ROSEDALE, N.Y., March 28, 2013 - Commercial real estate firm Cushman & Wakefield, Inc. has completed the sale of Cross Island Plaza, a 230,000-square-foot, 75-tenant office building at 133-33 Brookville Blvd. in New York City's borough of Queens. Offered for sale under a bankruptcy court-approved plan, the building traded for $24.25 million, or approximately $108 per square foot.
In the transaction, seller Block 12892 Realty Corp. was represented by David Bernhaut, Gary Gabriel, Andrew Merin, Nat Rockett and Grace Braverman of Cushman & Wakefield's Metropolitan Area Capital Markets Group (CMG), along with the firm's Phil D'Avanzo. The Cushman & Wakefield team procured the buyer, Montvale, N.J.-based Ivy Equities, which was represented in-house.
"On its face, given the location, this transaction had widespread appeal and attracted a great deal of attention," said Gabriel. "However, the offering was very complex. The financial and leasing information was incomplete, and the legal process slowed the transaction process considerably as the auction date approached.
"The bottom line, however, was that with the in-fill nature of the investment and the building's strong occupancy track record, Ivy persevered to closing, and we were able to work together to get the sale completed," he said.
Originally constructed in 1987, Cross Island Plaza is situated just off Exit 24B of the Belt Parkway, near the Grand Central and South State Parkways and the Van Wyck Expressway. The location is also near JFK International Airport and the Nassau County line.
Cross Island Plaza was 88 percent leased at the time of sale, including major tenants USCIS, Verizon, OEC Freight and Empire City, as well as a roster of accounting and law firms, and medical offices.
"Ultimately, Cross Island Plaza offered a value-add opportunity for the new ownership through the opportunity to improve its operating efficiency," said Gabriel.
Cushman & Wakefield's Metropolitan Area Capital Markets Group specializes exclusively in investment sales of office, industrial, multifamily and retail properties throughout New Jersey, New York, Fairfield County, Connecticut and Pennsylvania. The team has completed more than $17 billion worth of transactions since 2000.