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Record $62.6M Saks building sale

Former Saks building in Garden City

Former Saks building in Garden City

The Garden City property that used to house the Saks Fifth Avenue department store has been sold for almost $62.6 million, breaking a certain commercial sales record.

The 125,495 square feet of space comes out to $498.63 per square foot, and that’s a Long Island record for commercial space zoned for mixed uses, said Brian Lee, executive managing director at the Melville office of Newmark Knight Frank, a commercial brokerage.

A Massachusetts real estate investment trust, Intercontinental Real Estate Corp., bought the space in October from Westchester-based real estate developer Alfred Weissman, who took over the property in early 2006 as Saks was closing down.

Weissman put in a Winthrop University Hospital wellness center, a restaurant, medical offices, Morgan Stanley and Walgreens drug store.

Lee said the property could command a high price despite the economic times because the tenants have A credit and long leases. That’s why he likened the purchase to “clipping a coupon.”

Weissman did not return calls.

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