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Treeline Cos. Buys Atria East for $46M

GARDEN CITY, NY-Heritage Management sells the class A office building for $9 million more than it bought the property for in April 2005.

By Katie Hinderer | Updated on December 03, 2006

GARDEN CITY, NY-Just 18 months after buying Atria East, Heritage Management Co. LLC has sold the property for $46 million. Treeline Cos. bought the 100% occupied, six-story, class A office property.

In April 2005, Heritage Management paid $37 million for the 207,000-sf property at 990 Stewart Ave. here. About one-third of the building was vacant when the company took possession of it, according to Steven Greenberg, a principal with Heritage Management, but with an aggressive leasing effort and a strong market the property is now full.

Selling the property less than two years after buying it was not originally part of Heritage Management’s plan. “The buyer was pursuing us for about 12 of those 18 months and we kept saying no.” Greenberg says his company wanted to complete leasing the buildings before selling, seeing value in those transactions. “But eventually we were able to come to terms.”

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