Medical, retail building at 1300 Franklin Ave. in Garden City sold for $36M
Boston-based Intercontinental Real Estate Corporation has sold the 2.3-acre property at 1300 Franklin Ave. in Garden City to Garden City Buyer LLC for $36 million, according to public records. Credit: Newsday/Howard Schnapp
A mixed-use medical and retail building in Garden City with several high-profile tenants changed hands last month.
Boston-based Intercontinental Real Estate Corporation sold the 2.3-acre property at 1300 Franklin Ave. to Garden City Buyer LLC for $36 million on Nov. 21, according to public records. JLL Capital Markets, which facilitated the sale, said tenants in the 127,496-square-foot building include NYU Langone Health, Walgreens, Cornell Medicine and Healthtrax.
The seller, Intercontinental Real Estate Corporation, did not immediately respond to a request for comment. An agent representing Garden City Buyer LLC declined to comment.
The building, which dates back to the 1960s, was renovated in 2007. Occupancy — at 78.5% — is roughly evenly split between medical offices and retail, with around 27,000 square feet vacant, according to JLL.
JLL highlighted the building’s location in “a robust health care sector” near Hofstra University in Hempstead and Adelphi University in Garden City, which drives "significant demand” to the property.
“Medical buildings continue to appeal to investors due to the stability of their tenants and the recession-proof nature of the sector in general,” said Jose Cruz, who led JLL Capital Markets' investment sales and advisory team representing the seller.
“The value-add aspect of this offering also drew significant interest particularly given its central location in a health care hub on Long Island,” Cruz said in a statement.
NYU Langone in 2024 opened a new $170 million medical hub spanning an entire block at a former stand-alone Sears at 1111 Franklin Ave.
Other business moves in recent months on the street, once dubbed the "Fifth Avenue of Long Island," include the opening of a Tatte Bakery & Cafe and a J.P. Morgan Private Bank.
Brianne Ledda covers personal finance and affordability for Newsday. She previously covered Southold and Greenport for The Suffolk Times and is a graduate of Stony Brook University.
Sarra Sounds Off, Ep. 15: LI's top basketball players On the latest episode of "Sarra Sounds Off," Newsday's Gregg Sarra and Matt Lindsay take a look top boys and girls basketball players on Long Island.
Sarra Sounds Off, Ep. 15: LI's top basketball players On the latest episode of "Sarra Sounds Off," Newsday's Gregg Sarra and Matt Lindsay take a look top boys and girls basketball players on Long Island.
