A three-building office portfolio in Manhasset sold for nearly $4 million to the owner of London Jewelers, according to JLL, the real estate firm that represented both the buyer and the sellers.
Mark Udell, owner of London Jewelers, purchased 47 Hillside Ave., 57 Hillside Ave., 28 Locust St. and a separate lot on Locust St. According to prior reports, 47 Hillside Ave. is a two-story, 7,000-square-foot office building, 57 Hillside Ave is a 4,000-square-foot office building and 28 Locust St. is a 900-square-foot office building.
“We’re delighted to have completed the sale of the Manhasset office portfolio,” said Kyle Crennan, managing director at JLL. “The buyer saw a great opportunity to invest in income-producing properties with space for his own business.”
Crennan said the portfolio’s proximity to the Manhasset Long Island Rail Road station and to Americana Manhasset made it a “rare find.”
The currently vacant first floor of 47 Hillside Ave. will be used by London Jewelers for its jewelry repair operations, according to JLL.
Crennan, along with Joe Lopresti and Brian Weigold, represented the buyer and sellers. The sellers are Manhasset-based entities: MAG Hillside LLC, RJG Hillside LLC, JVG Hillside LLC and DAG Hillside LLC.
A representative for London Jewelers declined to comment.
According to a page on the JLL website that is no longer accessible, the portfolio at 47-57 Hillside Ave. had 13,474 square feet available and was listed for sale at $4.3 million–meaning Udell bought the property for roughly $400,000 under the asking price.
