Edward Fitzsimons II, a senior managing director atInsignia/ESG's Long Island office, and Daniel Oliver, an associate,brokered on behalf of the seller. Cushman & Wakefield seniordirector Ted Stratigos and associate director Jason Forte assistedthe buyers, which also include Bellco Health principal DavidSchuss, in arranging the purchase of 123 Smith St. (Bellco is notinvolved in the deal.)

According to W.P. Carey vice president Frank Ruimy, who workedon the disposition, the property, formerly a BJ's Wholesale Club,was under contract to a residential developer but a zoning-changeapplication was denied. Initial plans to redevelop the asset as amultifamily complex were scrapped and an assisted-living conceptfor the property was also abandoned, Ruimy tells GlobeSt.com. "Wecouldn't get the zoning," Ruimy says. "The town didn't approve. So,we went back to the market and found another buyer. The situationwas even more attractive."

Ruimy says it is not unusual for W.P. Carey to utilize outsidebrokers when disposing of smaller, underperforming properties inits portfolio, though with 111,000 sf situated on 10.5 acres, theFarmingdale sale is "one of the biggest" such transactions.

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