Long Island Medical Office Portfolio Hits the Market

Cushman & Wakefield is marketing the sale of two medical office buildings located in Great Neck and Manhasset, N.Y. The assets total 70,167 square feet of space and are 88 percent leased to multiple tenants.

310 E. Shore Road, Great Neck, N.Y.
310 E. Shore Road, Great Neck, N.Y.

A Metro New York-area medical office portfolio comprising 310 E. Shore Road in Great Neck and 333 Shore Road in Manhasset is up for grabs for a reported $24.5 million. Cushman & Wakefield Managing Director Stephen Preuss, Director Benjamin Efraimov and Associates Denise Prevete, Kevin Louie Andreas Efthymiou and Kevin Schmitz will market the sale of the assets.

The first asset, 310 E. Shore Road, is a three-story, 52,517-square-foot office building comprising 19 units. According to PropertyShark, it sits on a 1.5-acre parcel and was built in 1981. The other building, 333 Shore Road, is a two-story, 17,650-square-foot, nine-unit building erected in 1975. The buildings are located a half-mile apart on Nassau County’s North Shore. They are both neighbored by schools and residential communities, and offer easy access to main roads such as Northern Boulevard, Long Island Expressway. They are an hour’s drive away from Manhattan. Transportation is facilitated by the Great Neck and Manhasset train stations. The multi-tenant buildings are 88 percent leased.

This medical portfolio represents a rare and lucrative opportunity to invest in office space within one of America’s most-affluent communities,” Preuss said in prepared remarks. “In addition to the area’s high demand for health care services, the community is also experiencing an infusion of new luxury residential development.”

Recent deals in the area include the sale of 60 Charles Lindbergh Blvd. in Uniondale, N.Y., and 30-10 41st Ave., in Long Island City.

Image courtesy of Cushman & Wakefield