(MENAFNEditorial)
Jericho New York (May 5 2015) – Long Island Business News presented its Top Office Sale of the Year award to Adam Rochlin and Michael Levinstein of The Rochlin Organization for arranging the $40 million — $380 per square foot — sale of a medical office building in Lynbrook to a Midwestern real estate fund.
The regional business publication presented the award at an April 21 ceremony at the Crest Hollow Country Club in Woodbury.
Rochlin and Levinson arranged the sale which closed Oct. 16 of 444 Merrick Road a 106409-square-foot five-story building on behalf of 444 Merrick Road Realty LLC an affiliate of West Hempstead-based Lighthouse Real Estate Ventures.
“This sale at a unprecedented price and cap rate was indicative of the strong demand for quality medical office space on Long Island” said Adam Rochlin managing principal.
The property originally constructed as corporate office in 1962 for Liberty Mutual was purchased by Lighthouse in 1998 for $8.3 million and subsequently transformed into a state-of-the-art medical office building and surgery center with more than $16 million in improvements.
The Lynbrook building has ample parking and is located one block from the Long Island Railroad's Lynbrook station. It is just 35 minutes from Manhattan and is easily accessible from John F. Kennedy International Airport Cross Island Parkway and Southern State Parkway. The property is strategically located in close proximity to nine area hospitals including South Nassau Communities Hospital a 435-bed facility Long Island Jewish Medical Center a 983-bed facility and Winthrop-University Hospital a 591-bed facility.
At the time of the sale 444 Merrick Avenue was 96 percent leased to such tenants as Orlin & Cohen Orthopedic Group New York State’s largest private orthopedic practice group; South Shore Ambulatory Surgery Center LLC which is owned by Nashville-based Symbion Inc.; Women's Contemporary Care Associates PC an affiliate of Winthrop University Hospital; Pulmonary and Critical Care Center pulmonologists; North Shore University Hospital (visiting nurse services); Long Island Thoracic Surgery PC Long Island Neurology Consultants and Long Island Radiology Associates.
About The Rochlin Organization
Founded in 2009 The Rochlin Organization is located at One Jericho Plaza 2nd Floor B Wing in Jericho N.Y. and specializes in representing corporate real estate owners and investors. The Rochlin Organization offers strategic advice on all aspects of real estate ownership including acquisition correspondence; disposition execution; leasing and marketing services; property management advisement; tenant relation strategies; lease administration services; all providing a firm valuation approach. For more information about The Rochlin Organization visit www.therochlinorganization.com or call (516) 935-8300.
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