Picone Realty Acquires Office Building In Melville For $7.9M

The office property located at 585 Broad Hollow Road in Melville has been sold. The transaction took place on January 3, 2023, with a sale price of $7,900,000. The property spans across 11,300 square feet, resulting in a price per square foot of $699. This office asset sits on a 3-acre lot, bringing the price per acre to $2,633,333.

Summary of transaction details

• Property Type: Office
• Transaction Amount: $7,900,000
• Square Footage: 11,300
• Price per Square Foot: $699
• Lot Size: 3 acres
• Price per Acre: $2,633,333
• Market: Melville
• Buyer: Picone Realty

The sale was facilitated by the brokers involved in the deal. Michael Tuccillo and Anthony Cerrone from Marcus & Millichap, along with Gene O'Neil from Maximum Realty Services, Inc, represented the buyer, Picone Realty.