Press Release brought to you by Cushman & Wakefield Capital Markets Group New York

Massey Knakal Sells Office Building With On-Site Parking In Melville

06/30/2014

An office building at 734 Walt Whitman Road, located between Hall Avenue and Rasmussen Place in Melville, Suffolk County, was sold in an all-cash transaction valued at $3,650,000.

The four-story elevator-serviced building contains approximately 36,000 square feet on a 130’ x 380’ lot. The property includes on-site parking plus dedicated parking on an adjacent 104’ x 100’ lot, which combine for a total of 134 parking spaces. The sale price equates to approximately $101 per square foot.

The property is ideally located within a half mile from the Northern State Parkway, 1.5 miles from the Long Island Expressway, and in close proximity to the Walt Whitman Shops and Melville Mall.

“This was a challenging deal because the building has a large vacancy rate. Through our marketing process, we were able to find an owner-user who will utilize part of the office space for himself,” said Massey Knakal’s Thomas A. Donavan, who exclusively represented the seller in this transaction with Robert M. Shapiro.

Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,700 transactions having a market value in excess of $19 billion.

www.masseyknakal.com

06/30/2014 - 08:34

Source

Cushman & Wakefield Capital Markets Group New York

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