Cushman & Wakefield Arranges Sale of Medical Office Building on Long Island

Long Island, NY – Cushman & Wakefield announced today that the firm has arranged the sale of 310 East Shore Road, a 52,517-square-foot office facility in the Long Island town of Great Neck. The final closing price is $16.5 million, equating to approximately $315 per square foot.

Cushman & Wakefield’s Stephen R. Preuss, Denise Prevete and Kevin Louie and represented the seller, 310 East Shore Road Realty, LLC, in this transaction. The property was purchased by Kane, LLC & Monitor Holding Corp.

“Medical tenants have bolstered the Long Island office market,” said Stephen Preuss. “Rising demand for office space in the region and the property’s location in the densely-populated yet affluent North Shore of Long Island presented favorable market conditions for our client to move forward with this transaction.”

310 East Shore Road is a 52,517-square-foot, twenty-unit elevatored medical office building in the Village of Great Neck on the Manhasset Bay waterfront. The three-story, plus lower level, property is currently 96% occupied with a total of 14 tenants, some of which have been in place since the 1990s, as well as approximately 2,235-square-feet of vacant office space. The property is situated on two adjacent tax lots with a total of approximately 1.55 acres on the Manhasset Bay. The property has recently undergone improvements to include a new roof, updated corridors and bathrooms, an updated parking lot and new HVAC units.

310 East Shore Road is conveniently located within proximity to the Long Island Expressway, Northern Parkway, the Manhasset and Great Neck LIRR train stations and multiple bus lines. The building is easily accessible with direct access to East Shore road via Northern Boulevard.

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.