Cushman & Wakefield Arranges Sale of Westbury, N.Y.'S 1600 Stewart Avenue

Private Company Acquired the 220,000-square-foot Office Building
 
 
1600 Stewart Avenue, Westbury, N.Y.
1600 Stewart Avenue, Westbury, N.Y.
Aug. 26, 2011 - PRLog -- WESTBURY, N.Y.– A private New York City-based company has acquired 1600 Stewart Avenue, a 220,000-square-foot office building. Cushman & Wakefield, Inc.'s Metropolitan Area Capital Markets Group (CMG) represented the undisclosed seller and procured the buyer.

"It was a very good purchase, a class A asset that traded at well below replacement cost," said David Bernhaut of Cushman & Wakefield's CMG, who teamed with Andrew Merin, Gary Gabriel and Grace Braverman of the firm's East Rutherford, N.J. office, and Robert Kuppersmith of the Long Island office to complete the transaction.

"Formerly the headquarters for 1-800 Flowers, 1600 Stewart Avenue has been extensively renovated and successfully repositioned as a premier multi-tenant building," said Merin.

With an occupancy rate of approximately 90%, the building is situated on 11 acres within a key Long Island commercial submarket. Completed in 1986, the property is located adjacent to the Meadowbrook State Parkway. On-site amenities include a full-height atrium, cafeteria, and concierge service.

"Located near Garden City, in a submarket referred to as 'the Hub,' 1600 Stewart is well-positioned as a solid investment," said Kuppersmith. "The greater Garden City class A office market continues to perform well despite the recent economic downturn."
End
Source:Caryl Communications, Inc.
Email:***@caryl.com Email Verified
Phone:201-796-7788
Zip:07652
Tags:Office Building, Sale, Westbury, NY, Commercial Real Estate
Industry:Real Estate
Location:Paramus - New Jersey - United States
Account Email Address Verified     Account Phone Number Verified     Disclaimer     Report Abuse
? News
Trending
Daily News
Weekly News



Like PRLog?
9K2K1K
Click to Share