Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-Community Drive LLC, a 10-investor consortium, has acquired a 95,000 sf office building at 175-200 Community Dr. in Great Neck, NY in a $10.5 million deal. Construction firm Philips International was the seller of the 90%-occupied property.

Approximately $1.5 million of the purchase price was allocated upfront for renovations, including a new facade and roof for the building. Currently, 15,000 sf is available for lease in the building.

Anchor tenant North Shore Hospital occupies approximately 82% of the building under several leases, many of which have been renewed recently. They will stay in place throughout the construction, a spokesperson tells GlobeSt.com.

Community Drive managing partner Mark Karasick arranged a majority of the financing from Carlton Advisory Services, which put up $7.6 million of acquisition and development funds for the transaction, with an additional $2 million of earn-out financing available. A Carlton representative tells GlobeSt.com that Karasick put up the remaining $2.9 million needed to close the deal.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.