OLD BETHPAGE, NY—The Association for a Better Long Island and the Commercial Industrial Brokers Society have presented the Long Island real industry's most-prestigious awards.
The Most Ingenious Deal of the Year Award was presented to a team of Newmark Grubb Knight Frank brokers for the sale of 600 Community Dr. in Manhasset to a Massachusetts-based real estate developer which then leased the 252,000-square-foot office building to North Shore-LIJ Health System. The NGKF team included vice chairman Brian Waterman, managing directors Scott Berfas and Dan Oliver as well as associate director Jordan Oliver.
North Shore subsequently signed a 32-year lease with Waterstone Development Group for the building on nine acres adjacent to its 58-acre North Shore University Hospital. Waterstone purchased the building for about $59 million—a price that is approximately equal to the mortgage debt on the property—from the Carlton Group. As part of the transaction, Waterstone agreed to invest $44 million to upgrade and modernize the building.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
