The building sale also includes an additional 67,280 sf of air rights. It was built in 1930 and was owned by the previous buyer for the last 23 years; it sold at a cap rate of 9%. The property is a little more than 90% occupied and the surrounding area offices are tenanted by social service and nonprofit tenants, which include America Works, the Federation of Jewish Philanthropies of NY, the Long Island Jewish Medical Treatment Center.
"This property is well-positioned to reap the rewards of an appreciating location," says Ellen Volpe, of Besen's Platinum Team. Volpe, Ross and Adelaide Polsinelli, all with Besen, handled the transaction.
Ross tells GlobeSt.com that the Far Rockaway is becoming a sought-after area outside of Manhattan, after hitting "rock bottom" a few years ago. "There is a definite pickup in activity and desire to be in this location due to the Averne by the Sea project, which is 117-acre mixed-use development site that had been on the drawing board for many years and is now becoming a reality."
Rents in the area average in the low- to mid-$20 per sf, according to Ross.
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