F.R. Office Building Sold For $12 Million
Massey Knakal Services sold the building - located at 1600 Central Avenue - for $12,150,000, in an all-cash transaction, to a Brooklyn investor.
"The buyer purchased this property for its strong cash flow and additional development rights," said Brian Sarath, the Massey Knakal broker who represented the seller.
The building, which has approximately 36,312 square feet, was sold for $334.60 per square foot. It is located between Mott Avenue and Bayport Place, across from the firehouse on Central Avenue.
The building, which is 90 percent leased, has long been a home for many of the social service organizations that serve Far Rockaway. According to a Yahoo search, it is currently the home to 13 tenants including the Legal Aid Society, FEGS Mental Clinic, the Long Island Jewish Medical Center, ACQC, CNR Aids Home Care Program, Harlem Dowling West Side Center and America Works of NY, Inc.
The seller is due to lease back the remaining space for 12 months upon closing.