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Tag: cushman & wakefield

  • Great Neck retail property trades for $3.15M | Long Island Business News

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    A vacant auto dealership property on Northern Boulevard in Great Neck sold for $3.15M.

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    David Winzelberg

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  • Barnes & Noble-anchored retail property sells for $14.2M | Long Island Business News

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    A property in Huntington Station that’s anchored by a  store has sold for $14.2 million. 

    Seven Hearts Realty LLC, an affiliate of a family-owned commercial real estate investment group, purchased the 19,530-square-foot building on 1.2 acres at 301 Walt Whitman Road. The acquisition was completed to satisfy the buyer’s requirement. 

    The Huntington Station property is fully occupied by Barnes & Noble, which leases 14,330 square feet and a T-Mobile store that leases 5,200 square feet. There is parking for 16 vehicles in front and another 50 parking spaces behind the building. 

    The property is located across from the  Market-anchored Huntington Shopping Center, which recently underwent a $75 million redevelopment. 

    The sale price equates to $727 a square foot and a 6.45 percent cap rate. 

    The Barnes & Noble Huntington Station store serves as the chain’s replacement for the East Northport location that closed in Jan. 2024. That space in the Huntington Square shopping center at 4000 Jericho Turnpike is now home to a 21,000-square-foot Aldi supermarket that opened in Dec. 2024. 

    Manhattan-based Wharton Properties had purchased the Huntington Station property in early 2024 for $6.3 million, as previously reported by LIBN. Wharton renovated and repositioned the property and added the two current tenants. 

    Daniel Abbondandolo, Joegy Raju, Victor Little and Chris Sheldon of secured the buyer and represented the seller, 301 Route 110 LLC, in the sales transaction. 

    “Having Whole Foods directly across the street in one of the most desirable retail corridors in Suffolk County continues its growth and adds even more value to that area,” Abbondandalo told LIBN. “This sale is a testament to Long Island’s retail strength and how repositioning continues to be a major trend and driver of capital.” 


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    David Winzelberg

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  • Holbrook office property by MacArthur Airport sells for $13M | Long Island Business News

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    A Holbrook office property across from has sold for $13 million. 

    , an entity owned and controlled by Michael Broxmeyer and his brother Daniel Broxmeyer, purchased the four-story 145,000-square-foot building on 6 acres at 4250 Veterans Memorial Highway. 

    The office building, located at the corner of Veterans Memorial Highway and Johnson Avenue and known as , is 78 percent occupied. The sale price equates to $89 a square foot an in-place cap rate of about 12 percent. 

    Though the Broxmeyers are also top executives with Melville-based Fairfield Properties, the Holbrook deal has nothing to do with Fairfield, and the property will be owned and managed by MDJ. 

    Financing for the acquisition was provided by Joseph Fingerman at Peapack Private Bank & Trust. 

    The buyer MDJ Realty Services was self-represented, while Dan Abbondandolo, Joegy Raju and Victor Little of ‘s Long Island Investment Sales and Capital Markets team were assisted by C&W’s David Pennetta and Steve Cadorette in representing the seller, CAF Vets LLC, in the Holbrook sales transaction. 

    “This transaction underscores continued confidence in well-located suburban office assets, as investors continue to concentrate capital in markets where infrastructure spending, zoning flexibility, and demographic trends are converging to drive long-term value,” Abbondandolo told LIBN. “While the broader office market remains selective, data continues to point to stronger occupancy, more consistent leasing activity, and tighter pricing in high-performing suburban submarkets. With prudent capital allocation, MacArthur Plaza offers both stability today and meaningful upside over the long term.” 


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    David Winzelberg

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  • Long Island real estate leader Ted Sasso dies at 81 | Long Island Business News

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    THE BLUEPRINT:

    • , longtime real estate leader, died Dec. 13 at age 81

    • A respected executive in Long Island and

    • Played a key role in launching ‘s first Long Island office

    • Served in civic leadership roles including chair of the Hempstead Industrial Development Agency

    Ted Sasso, a real estate leader and a friend to many in the business and communities on Long Island and beyond, died on Dec. 13. He was 81.

    A “warm, kind and gentle man,” Sasso will be missed, his colleagues at the Commercial Industrial Brokers Society of Long Island () said in an email shared with members and friends. The cause of death was a heart attack.

    Sasso was working on a book about New York real estate with this reporter. He shared insights about some of New York’s most iconic properties, from the World Trade Center and Rockefeller Center in Manhattan to what is now RXR Plaza in Uniondale, and more. He spoke of the relationships he built with the some of the biggest names in real estate, from developer Larry Silverstein to ‘s Steve Siegel. Over the course of his long career, he dealt with the Trumps, Rechlers and Dubbs, as well as Leona Helmsley, and even Lee Radziwill (Jackie Onasis’ sister) and Walter Cronkite.

    The president of Sasso Services, Sasso served earlier at various Fortune 500 companies, including as director of real estate for Macmillan and manager of worldwide real estate for CBS. He had also served as a leasing agent for Rockefeller Center.

    Sasso began his real estate career in 1963, working for Port of Authority of New York and New Jersey as a real estate representative, according to his online bio.

    He first joined the Long Island Business Development Council in 1976, serving as its co-chairman, according to CIBS. By 1980, he was instrumental in launching Cushman & Wakefield’s first Long Island office, and served as its manager. He went on to found Sasso & Fitzsimons, a firm that evolved into the Edward S. Gordon Company of Long Island and ultimately CB Richard Ellis, according to CIBS.

    A community leader, Sasso chaired the Hempstead Industrial Development Agency. He served as a trustee of the Incorporated Village of Brookville and served as its police commissioner, according to his bio. His civic engagement included serving as a trustee of the Henry Viscardi School, according to his bio.

    A funeral wake will be planned by the Sasso family in January. No additional details were immediately available.


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    Adina Genn

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  • Madison Mortgage relocates with Garden City sublease | Long Island Business News

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    , a real estate and mortgage services firm, is relocating to Garden City. 

    The mortgage firm subleased 16,414 square feet of office space at 900 Stewart Ave. from . The company will be moving from 3 Dakota Drive in Lake Success. 

    “While we truly enjoyed our many years in Lake Success, we felt that Garden City offered the best long-term fit for the future of Madison Mortgage Services,” Shah Tehrany, the company’s founder and CEO told LIBN. “Garden City is one of Long Island’s most dynamic business hubs, centrally located, vibrant, and full of energy. The community is growing, new restaurants and businesses are opening, and the environment is incredibly supportive for companies looking to scale. We’re thrilled to be in 900 Stewart Avenue, and we believe this move positions us to better serve our clients, our partners, and our team for years to come.” 

    Founded in 2019, Madison Mortgage is licensed in 44 states and Washington D.C. The firm provides a variety of mortgage services involving home purchases and refinancing and offers nearly instant rate quotes on its website at madisonmortgage.com. 

    The continues to gradually improve, though large amounts of sublease space remain. The overall vacancy rate in the third quarter was 13 percent, down from 13.9 percent in the previous quarter, according to a report from . However, there was still 870,492 square feet of sublease space available at the end of Q3, about two-thirds of which is Class A, with 494,705 square feet of the available sublease space in Nassau County. 

    Daniel Oliver and Scott Berfas of represented Madison Mortgage, while Phil D’Avanzo of Cushman & Wakefield represented main tenant Flagstar Bank in the Garden City sublease transaction. 


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    David Winzelberg

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  • SIOR to host Power Broker Summit in Uniondale | Long Island Business News

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    Commercial real estate pros will be featured at the SIOR Power Broker Summit in Uniondale on Sept. 17.

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    David Winzelberg

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