Ivy Equities Buys Queens Office Building for $24M

NEW YORK CITY-Ivy Equities of Montvale, NJ has acquired the 230,000-square-foot Cross Island Plaza office building for $24.25 million.

Cushman & Wakefield reports the 75-tenant office building at 133-33 Brookville Blvd. in Queens, was marketed under a bankruptcy court approved plan. The building traded for approximately $108 per-square-foot.

The seller, Block 12892 Realty Corp. was represented by David Bernhaut, Gary Gabriel, Andrew Merin, Nat Rockett and Grace Braverman of Cushman & Wakefield's Metropolitan Area Capital Markets Group, along with the firm's Phil D'Avanzo. Cushman & Wakefield procured Ivy Equities, which was represented in-house in the transaction.

Built in 1987, Cross Island Plaza is located adjacent to Exit 24B of the Belt Parkway. It was 88% leased at the time of sale. Among its major tenants include USCIS, Verizon, OEC Freight and Empire City, along with a number of accounting and law firms, and medical offices.

“On its face, given the location, this transaction had widespread appeal and attracted a great deal of attention,” says C&W's Gabriel. “However, the offering was very complex. The financial and leasing information was incomplete, and the legal process slowed the transaction process considerably as the auction date approached.”

He continues, “The bottom line, however, was that with the in-fill nature of the investment and the building's strong occupancy track record, Ivy persevered to closing, and we were able to work together to get the sale completed.”