A two-story medical office building located at 3111 New Hyde Park Road in North Hills, New York, has sold in an all-cash transaction valued at $14,650,000. (Photo courtesy of Cushman & Wakefield)

New York, March 28, 2017 – A two-story medical office building located at 3111 New Hyde Park Road in North Hills, New York, has sold in an all-cash transaction valued at $14,650,000.

Cushman & Wakefield’s Ben Efraimov, Jonathan Hageman and Patrick Yannotta exclusively handled this transaction.

“3111 New Hyde Park Road traded at a 6% cap rate. This transaction is another indication that urban investors are continuing to look at suburban markets for higher yields,” said Ben Efraimov.

The building is approximately 24,690 gross square feet and is fully occupied by three medical tenants. Integrated Medical Professionals (“IMP”) occupies the front of the building and currently leases 13,800 square feet. Northern OBGYN and Aesthetic Dermatology are located in the rear of the property and occupy a combined 10,800 square feet. Additionally the property features 115 parking spaces which is monitored daily by a parking attendant.

The property is located on 1.75 acres between Hollow Lane and Dakota Drive right off the Northern State Parkway New Hyde Park Road exit. The property is extremely well-located as it abuts both the LIE and Northern State Parkway New Hyde Park Road exits and is within proximity to the world renowned North Shore LIJ, St. Francis and Winthrop Hospitals.

***

About Cushman & Wakefield

Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.