Cushman & Wakefield Acquires Melville Office Building For $6M

560 Broadhollow Road, located in Melville, NY, was recently sold in a closed transaction for a total of $6,000,000. The property is an office building spanning approximately 52,500 square feet, resulting in a price per square foot of $114. Situated in Melville's bustling business district, this property offers great potential for redevelopment given its prime location on Broadhollow Road and easy access to Walt Whitman Road. The sale also included a fully entitled 4,000 square foot pad site situated on the northeast corner of the lot, adding to the property's value. At the time of closing, the building was 70% vacant, presenting an opportunity for a new owner to attract tenants and maximize its potential. The property is currently zoned as LI (Light Industry), but there are rumors of a new overlay zone in the works, providing additional avenues for future development.

Summary of transation details

• Property Type: Office
• Transaction Amount: $6,000,000
• Address: 560 Broadhollow Road, Melville, NY
• Market: Melville

The successful brokerage of the sale was handled by Daniel Abbondandolo, Joegy Raju, Rob Cullen, Joe Musso, and Victor Little from Cushman & Wakefield. These individuals, representing the buyer, demonstrated their expertise in Capital Markets and Investment Sales throughout Long Island and the Outer Boroughs. With their assistance, the transaction was completed smoothly, resulting in a beneficial outcome for the buyer and the seller. For more information about their services, feel free to reach out to them directly.