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.
Read more of Inside Long Island Business