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Cushman & Wakefield Sells Manhasset Medical Office Building For $3.7M

446-450 Plandome Road
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This Office property located in NY was sold for $3,700,000 almost 2 years ago. The brokers of the deal were Victor Little, Joe Musso, Rob Cullen, Joegy Raju, and Daniel Abbondandolo

446-450 Plandome Road in Manhasset, NY has been sold in a closed transaction. The asset is an 8,284 square foot office building located in the Western Nassau market. The property was fully occupied at the time of the sale and sits on a 19,889 square foot lot with 30 private parking spaces. The sale price for this medical office building was $3,700,000, resulting in a price per square foot of $447. The transaction had a cap rate of 6.23%.

Summary of transaction details

  • Property Type: Office
  • Sale Price: $3,700,000
  • Square Footage: 8,284
  • Price Per Square Foot: $447
  • Cap Rate: 6.23%

The seller, Dr. Michael Errico, enlisted the services of Daniel Abbondandolo, Rob Cullen, Joegy Raju, Joe Musso, and Victor Little, who are representatives from Cushman & Wakefield, to facilitate the sale of 446-450 Plandome Road. This well-maintained and fully occupied medical office building attracted strong investment interest due to its stable income potential and highly desirable location on Plandome Road. The property is conveniently located just a 5-minute walk or 2-minute drive from the Manhasset LIRR station.

For more information about this transaction, you can contact the team at [email protected].

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Deals
  • Location
    446-450 Plandome Road, Manhasset, New York 11030, United States446-450 Plandome Road, Manhasset, New York 11030, United States
  • Sale Price
    $3,700,000$3,700,000
    $446 PPSF$446 PPSF
  • Area
    8,284 SF8,284 SF
  • Asset Type
    OfficeOffice
  • Parties
    5 Brokers, 1 Agency5 Brokers, 1 Agency

Agents

Rob Cullen

Rob Cullen

Deals17
Sold$102.1M

Agency

Cushman & Wakefield

Cushman & Wakefield

Agency
Deals4186
Volume$167B

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Deal Summary

SALE IMAGE: Daniel Abbondandolo & Rob Cullen DATE: 05/25/2022 ADDRESS: 446-450 Plandome Rd. MARKET: Western Nassau ASSET TYPE: Office SELLER: Dr. Michael Errico BROKERS: Daniel Abbondandolo (@TeamAbbs), Rob Cullen (@Cullen127), Joegy Raju (@JoegyRaju), Joe Musso (@JMusso_55) & Victor Little (@Victor.R.Little) - Cushman & Wakefield (@CushWake) SALE PRICE: $3,700,000 SF: 8,284 ~ PPSF: $446 CAP RATE: 6.23% NOTE FROM @CushWake: TEAMABBONDANDOLO successfully represented the seller in the disposition of 446-450 Plandome Road, Manhasset, NY. The asset is a fully occupied 8,284 SF medical office building situated on a 19,889 SF lot that is improved by 30 private parking spaces. The building traded hands for $3,700,000, or $447 per square foot at a 6.23% cap rate. The sale was driven by investment stability coupled with phenomenal location on Plandome Road, a simple 5-minute walk / 2-minute drive to Manhasset LIRR station. Brought to Market Mid-March and Closed May 25! For more information about the sale, contact: [email protected]

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