The Year of the Mega Deal

With another huge real estate portfolio on the block, Morris Sosnow’s estate has offered up 400,000 square feet of commercial space, most of it in Long Island’s Nassau County.  This was certainly the year of the mega deal in New York, with the $5.4 billion sale of Stuyvesant Town and Peter Cooper Village so recently consummated.  Though hardly in the same class, this promises to be another interesting transaction.  If I were to venture a guess, I’d bet the going price is higher than $80-100 million suggested for the commercial properties.  Being sold also are close to 600 co-op units, most of them in Queens.

Some of the space to be sold is Birchwood Plaza North and South, sitting on the periphery of the affluent community of Birchwood Park East in Jericho.  With a relatively new Whole Foods Market, having replaced an aging Waldbaums as an anchor store and a sizable Marshall’s occupying space at the other end, this is some prime real estate.

For more of the story, read Dawn Wotapka Hardesty’s article in Long Island Business News.