Cushman & Wakefield Arranges Sale of Office Property in Hicksville

Long Island, NY – Cushman & Wakefield today announced that the firm has arranged the sale of 550 West Old Country Road, a 48,000-square-foot office/redevelopment property in Long Island. The final closing price is $5,750,000.

Cushman & Wakefield’s Stephen R. Preuss represented the seller, Bapaz, Ltd. in this transaction. The building was purchased by LSC Development.

“This property was an ideal opportunity for a developer in a prime location in the heart of Hicksville and ultimately was sold for redevelopment,” said Preuss. “The property entered into contract in 2016 and, during the contract period, the buyer received all necessary permits and approvals to build an approximately 100,000-square-foot storage facility. The buyer, LSC Development, is a national storage company that intends to demolish the existing building and start construction in 2020.”

550 West Old Country Road is a 48,000-square-foot office building consisting of four stories that are approximately 12,000 square feet each. The property sits on two contiguous lots, including a large parking lot with over two hundred total parking spaces and a lot with development rights for retail or mixed-use valued in excess of $1 million alone. The property also offers antenna rights, which are valued in excess of $1 million.

The property is located on a major and highly-frequented thoroughfare in Hicksville conveniently situated less than a block away from Wantagh State Parkway. The N24 and N48 bus lines are located directly outside the property, and the LIRR is located just 1.5 miles away.

About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.