Preuss of Cushman & Wakefield acts for Bapax Ltd. in $5.75 million sale

Hicksville, NY Cushman & Wakefield (C&W) has arranged the sale of 550 West Old Country Rd., a 48,000 s/f office/redevelopment property. The final closing price is $5.75 million.

Stephen Preuss of C&W represented the seller, Bapaz, Ltd. in this transaction. The building was purchased by LSC Development.

“This property was an ideal opportunity for a developer in a prime location in the heart of Hicksville and ultimately was sold for redevelopment,” said Preuss. “The property entered into contract in 2016 and, during the contract period, the buyer received all necessary permits and approvals to build an approximately 100,000 s/f storage facility. The buyer, LSC Development, is a national storage company that intends to demolish the existing building and start construction in 2020.”

550 West Old Country Rd. is an office building consisting of four stories that are 12,000 s/f each. The property sits on two contiguous lots, including a large parking lot with over 200 total parking spaces and a lot with development rights for retail or mixed-use valued in excess of $1 million. The property also offers antenna rights, which are valued in excess of $1 million.

The property is near Wantagh State Pwy., the N24 and N48 bus lines are located outside the property, and the LIRR is 1.5 miles away.