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THE BLUEPRINT:
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127,496-square-foot mixed-use property sold at 1300 Franklin Ave. in Garden City
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Buyer paid $36 million, according to public records
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Building is 78.5% occupied with medical and retail tenants
A mixed-use property in the heart of Garden City has been sold.
The 127,496-square-foot building on 2.3 acres at 1300 Franklin Ave. has a new owner after Garden City Buyer LLC, an entity with an address of Manhattan law firm Tarter Krinsky & Drogin, purchased it from Boston-based Intercontinental Real Estate Corporation. The sale price was not disclosed, though public records show the deed transferred for $36 million.
Once the home of Saks Fifth Avenue in a canyon of big-box retailers more than two decades ago, the building at 1300 Franklin Ave. was acquired for $13.5 million in Jan. 2005 by Yonkers-based Alfred Weissman Real Estate which redeveloped it into a mix of office and retail. Weissman then sold the Garden City building to Intercontinental for $31.3 million in Oct. 2010, according to public records.
Today, the Franklin Avenue building is 78.5-percent occupied by tenants that include NYU Langone Health, Walgreens, Cornell Medicine and Healthtrax. About 27,000 square feet at the building is available to lease.
Jose Cruz and Jeremy Neuer of JLL‘s Capital Markets Investment Sales and Advisory team represented the seller, with JLL’s David Leviton providing leasing and market support, according to a company statement.
“Medical buildings continue to appeal to investors due to the stability of their tenants and the recession-proof nature of the sector in general,” Cruz said in the statement. “The value-add aspect of this offering also drew significant interest particularly given its central location in a healthcare hub on Long Island.”
The building at 1300 Franklin Ave. is next to another department-store-turned office building at 1200 Franklin Ave. That property, which now has Morgan Stanley as a 62,000-square-foot tenant, was once a Lord & Taylor store which closed as part of the company’s bankruptcy five years ago.
Once known as “Long Island’s Fifth Avenue,” the Garden City corridor was a shopper’s paradise, with department store chains like Bloomingdales, Abraham & Strauss, Saks, Lord & Taylor and furniture retailer W.J. Sloane. Eventually, the stores either fled to greener pastures like the nearby Roosevelt Field mall or closed up shop entirely.
Since then, much of Franklin Avenue and its environs have become home to a collection of financial firms and ever-growing medical tenants.
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David Winzelberg
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