MANHASSET, NY—North Shore LIJ has acquired the600 Community Drive office building here form a partnership led byNew York City-based Carlton Group Chairman Howard L.Michaels for a record-shattering price of $65 million.
The 252,000-square-foot property sold for an effective purchaseprice of $260-per-square-foot. North Shore LIJ had been a subtenantat the property, which is within walking distance of the Northshore LIJ campus, for the past eight years.
The Carlton Group in its sales announcement states that NorthShore LIJ played "possum" showing no interest in buying or leasingspace in the building until the building's master lease held byUnited Business Media was set to expire on October 31st of thisyear. Talks between North Shore LIJ and the building ownershipbegan months prior to the expiration.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
