NEW YORK, NY February 21, 2019 — Cushman & Wakefield today announced that the brokerage firm has successfully arranged the sale of two properties located on Long Island. 733 Middle Neck Road in Great Neck sold for a final closing price of $1.24 million. 481 Meacham Avenue in Elmont sold for $1 million.
A team led by Senior Managing Director Stephen R. Preuss and Associate Director Kevin Schmitz represented the sellers in all marketing efforts.
“Through these sales, both investors have acquired properties with great potential,” said Stephen R. Preuss of Cushman & Wakefield. “481 Meacham Avenue is ideal for many different types of end-users, and 733 Middle Neck Road provides the immediate opportunity to capitalize on the lack of developable land available in the Great Neck area.”
733 Middle Neck Road is a 6,504 square-foot lot with an existing 4,477 square foot mixed-use building currently in place which will be delivered vacant. This property will be used for the development of a new religious facility. The property is located on the east side of Middle Neck Road, which is the main thoroughfare through Great Neck with ~16,000 cars passing by daily. It is located about 1.5 miles north of the Great Neck LIRR station making it convenient for a transit-oriented developer.
The owner, 75 Parson Blvd, LLC, was represented by Cushman & Wakefield in the transaction and received a final closing price equal to $176 per square foot for the property. 733 Middle Neck Road was acquired by Gesher, Inc.
481 Meacham Avenue is 5,680 square-foot warehouse building consisting of two drive-in doors, 15’4” ceilings and street parking in front of the building. The property is column free and has about 720 square-feet of air-conditioned office space, including a conference room and two bathrooms. Additionally, there is about 520 square-feet of closed storage with an equal sized loft storage space above.
Cushman & Wakefield represented Aaa Property Assoc, LLC in the sale to Allison Heaney. The final closing price equates to $176 per square foot.
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 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 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.