A three-building office portfolio in Manhasset sold for nearly $4 million, according to JLL, the real estate firm that represented both the buyer and the sellers.
Mark Udell 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.”
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.
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.
