Global commercial real estate advisory firm Newmark is pleased to announce the sale of 900 and 990 Stewart Ave in Garden City, New York (Stewart Ave), on behalf of The Davis Companies and Onyx Equities.
Kevin Welsh, Brian Schulz, and Jason Emrani of Newmark’s Capital Markets team led the transaction in collaboration with Rob Griffin, Steven Schultz, Scott Berfas and Dan Oliver. The team was also responsible for procuring the buyer, a New York based investor. Newmark’s Capital Markets Strategies team of Anthony Orso and Ari Schwartzbard secured acquisition financing for the purchase.
The sale consisted of two institutional quality Class A office buildings totaling 462,000 square feet that are 88 percent leased to a mix of credit tenants and companies within growth industries. The property benefits from its location in one of Long Island’s fastest growing urban/suburban markets with proximity to premier healthcare, educational and government facilities, as well as to the Nassau Hub Innovation District.
“Ownership’s highly successful repositioning of Stewart Ave, which includes a strategic capital improvement program, has created a modern work environment that has firmly established the property’s premier market position,” said Welsh, executive managing director. “The buyer was attracted to the property by its compelling combination of durable cash flow, balanced rollover and near-term upside. We are extremely grateful to have represented The Davis Companies and Onyx Equites in achieving the highest office sale price over the last ten years on Long Island.”
About The Davis Companies
The Davis Companies is an integrated real estate investment, development and management firm headquartered in Boston that has invested more than $6.2 billion in gross asset value through real estate equity, debt and fixed-income securities. A combination of capital markets, development and management expertise allows The Davis Companies to nimbly tackle complex opportunities. Directly, and with its valued partners, The Davis Companies currently owns a real estate portfolio of approximately 10.2 million square feet of office, retail, hospitality, light industrial, healthcare and life science properties and approximately 5,000 residential units across the Eastern United States. For further information, visit www.thedaviscompanies.com.
About Onyx Equities, LLC
Onyx Equities, LLC is a leading real estate investment and property services firm that specializes in acquiring, managing, and/or repositioning commercial and Residential properties. For further information, visit www.onyxequities.com.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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