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Investcorp Sells L.I. Site for $38M

LAKE SUCCESS, NY-Continuing its selling trend of late, Investcorp, in partnership with Lincoln Equities, trades an office site here for $37.5 million.This marks the groups 16th sale so far this year.

By Barbara Jarvie | Updated on November 12, 2003

LAKE SUCCESS, NY-Investcorp sold 2001 Marcus Ave. here in partnership with Lincoln Equities Group of Rutherford, NJ, for approximately $37.5 million to a partnership comprised of the Feil Organization Inc., the Goldman Group and Nakash Enterprises.

The site is a 212,390-sf class B+ office building which the Investcorp/Lincoln JV purchased in March 2001 for $31 million. At the time of that sale, the property was nearly 100% leased to such tenants as Aetna, Rosenbaum Design Group and AT&T Wireless.

Developed in 1979, 2001 Marcus Ave. consists of one three-story multi-tenanted office buildings on 8.6 acres. Presently, the property is 98% occupied by a variety of office and medical related tenants. The property is located approximately 15 miles east of Manhattan, adjacent to the Queens/New York City border.<P “In light of the high occupancy at the property and the relatively strong market fundamentals on Long Island, we felt it was an opportune time to take this property to the market,” says F. Jonathan Dracos, Investcorpmanaging director.

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