Exterior of former Geico Corporate Office at 750 Woodbury Rd, Woodbury, NY
1. GEICO Corporate Office
- Address: 750 Woodbury Rd, Woodbury, NY
- Sale Date: December 29, 2022
- Sale Price: $27,000,000
- Price/SF: $114
The GEICO insurance company has sold its Woodbury corporate office to the Christian Congregation of Jehovah’s Witnesses. It’s still unclear what the purchasers have planned for the property.
This deal comes after GEICO was set to sell the corporate office to a New Jersey-based developer in 2021. However, plans fell apart when the Town of Oyster Bay rejected a redevelopment of the site into industrial use.
750 Woodbury Rd is a 236,300 square feet building that sits on 20 acres of land.
2. Courthouse Corporate Center
- Address: 320 Carleton Ave, Central Islip, NY
- Sale Date: October 1, 2022
- Sale Price: $21,500,000
- Price/SF: $141
The Benjamin Companies sold this 153,000-square-foot office building to Bosfa Properties. It was reported that the building was 80% occupied at the time of the sale.
This building was built in 2003, has 4 elevators, and is 9 stories tall. The majority of tenants at this building are attorneys, law firms, and other criminal justice-focused businesses.
The Courthouse Corporate Center is a short walk to Federal & State courts, Two Marriott Hotels, Touro Law School, and Bethpage FCU Park.
Aerial View of 320 Carleton Ave, Central Islip, NY
3. Woodbury Medical Office Building (RXR Corporate Park)
- Address: 88 Froehlich Farm Blvd, Woodbury, NY
- Sale Date: December 8, 2022
- Sale Price: $21,500,000
- Price/SF: $195
RXR Realty sold this 110,000-square-foot medical office building to Aresco Management. The building was reported to be 100% leased at the time of sale.
The building was built in 1999 and is occupied by multiple medical office tenants. It has 4 stories, is classified a Class A building, and provides 450 on-site parking spaces. There are 5 elevators total including 1 freight elevator.
According to the buyer, Aresco Management, the going-in cap rate was 7%, with a net operating income estimated at $1,505,000. There were recent capital improvements made by the seller, RXR Realty, before the sale.
Exterior of 88 Froehlich Farm Blvd, Woodbury, NY
4. Office Building in Woodbury
- Address: 420-424 Crossways Park Dr, Woodbury, NY
- Sale Date: October 6, 2022
- Sale Price: $8,150,000
- Price/SF: $233
Dunkirk Realty sold this 35,000-square-foot medical office to Power Home Remodeling Group, LLC. It was reported to be an owner-user sale with Power Home Remodeling acquiring this building as a repositioning opportunity.
The building was built in 1968, however, recent capital improvements were made in 2016. The building has a sprinkler system and sits on 88,400 square feet of land. There is on-site parking and the building is zoned for light industrial.
One of the attractive factors of the building is its location. It’s directly off the Seaford-Oyster Bay Expressway.
Drone Photo of 420-424 Crossways Park Dr, Woodbury, NY
5. Office Building in Manhasset, NY
- Address: 800 Community Dr, Manhasset, NY
- Sale Date: December 6, 2022
- Sale Price: $7,680,000
- Price/SF: $321
G4 Capital Partners sold this 24,000-square-foot medical office to Northwell Health. Built in 1975, the building is 3 stories and has 109 on-site parking spaces.
It has been reported that the building was approximately 70% occupied at the time of sale. The tenants consist of a mix of physicians and various hospital-affiliated practices.
Northwell Health is vastly growing and acquiring buildings to expand its portfolio. This property can be considered appealing to the company due to its proximity to Northwell’s Northshore University Hospital.
Drone view of 800 Community Dr, Manhasset, NY
6. Medical Office Building in Manhasset, NY
- Address: 333 E Shore Rd, Manhasset, NY
- Sale Date: November 30, 2022
- Sale Price: $6,100,000
- Price/SF: $343
Ramazzotti Properties LLC sold this 17,800-square-foot medical office building to Silverrock Equities. The transaction occurred at an 8.23% cap rate with a net operating income of around $501,958. It was reported that the building was 80% leased at the time of sale.
The property offers several benefits including a large parking lot which is partially leased to the MTA-LIRR, and numerous capital improvements including a recently renovated lobby, providing nominal deferred maintenance for the new owner.
Exterior and parking lot of 333 E Shore Rd, Manhasset, NY
7. Baldwin Office Building
- Address: 2280 Grand Ave, Baldwin, NY
- Sale Date: December 20, 2022
- Sale Price: $4,350,000
- Price/SF: $130
United Properties Corporation sold this 33,400-square-foot office building to Sanitary Feather And Down Products Corporation. According to sources, the property was 94% leased at the time of sale, with a net operating income of $368,000, equating to an 8.46% cap rate.
Built-in 1971, the building consists of 3 stories and has 1 elevator. There are 51 surface parking spaces and 15 covered parking spaces. This Baldwin office building is in a high-traffic commercial area located off Sunrise Highway, and across the street from the Baldwin train station.
Exterior of 2280 Grand Ave, Baldwin, NY
8. The Avanti Building
- Address: 75 Nassau Terminal Rd, New Hyde Park, NY
- Sale Date: December 28, 2022
- Sale Price: $5,400,000
- Price/SF: $210
New Hyde Park Realty Group LLC sold The Avanti Building to Chai 26 LLC for $5,400,000. This property was 100% leased at the time of sale reporting a $370,000 net operating income. The sale price equates to a 6.9% cap rate. The property has been listed for sale just over a year before it closed in December 2022.
The 25,600 square feet Avanti Building includes tenants such as Amerita, Avanti Health, and Orkin. Amerita is a specialty infusion company focused on providing complex pharmaceutical products and clinical services to patients outside of the hospital. Orkin is an American company that provides residential and commercial pest control services.
Exterior of 75 Nassau Terminal Rd, New Hyde Park, NY
9. Office Building in Hicksville
- Address: 350 S Broadway, Hicksville, NY
- Sale Date: November 1, 2022
- Sale Price: $4,200,000
- Price/SF: $114
The Health Insurance Plan of Greater NY sold this medical office to Sony Holdings LLC. This building consists of 37,000 square feet and was entirely vacant at the time of sale.
According to reports, the property was on the market for over 3 years before it closed in November 2022.
The building was built in 1956 but boasts a new roof and a new mechanical system. The property has a vast frontage of about 350 feet on S Broadway and is in the heart of Hicksville’s busy retail corridor.
Exterior of 350 S Broadway, Hicksville, NY
10. Office Building in Hauppauge
- Address: 99 Smithtown Bypass, Hauppauge, NY
- Sale Date: December 14, 2022
- Sale Price: $3,500,000
- Price/SF: $219
This 16,000-square-foot office building was sold by Capital One to MedPlex. MedPlex is a flexible, all-inclusive medical office rental company.
The building was reported to be vacant at the time of sale. The 2-story building was built in 1985 and is classified as a class B building. It is in a strong location just off the Nesconset-Port Jefferson Highway.
MedPlex’s immediate plans for acquiring the building aren’t clear at this time.
Exterior of 99 Smithtown Bypass, Hauppauge, NY
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American Investment Properties (AIP) Inc., was founded by Ron Koenigsberg on July 4th, 2001. AIP specializes in the sale and acquisition of commercial real estate on Long Island. Participating in over $2 billion worth of property sales to date, AIP is a well-known and highly respected name in the Long Island commercial real estate community.
