East Hills medical office property trades for $7.1M

A medical office building in East Hills has sold for $7.1 million.

70 Glen Acquisition LLC, an affiliate of a Queens-based commercial real estate investor, purchased the three-story, 25,000-square-foot building on .68 acres at 70 Glen Cove Road.

Constructed in 1966, the building is 96 percent occupied by mostly medical tenants.

The sale price equates to a 7.25 percent cap rate.

Ian Leigh of Berkshire Hathaway HomeServices Laffey International Realty represented the buyer, while John Chiaramonte and Charles Chiaramonte of Select Investment Properties represented the seller, Gould 70 Glen Cove Road LLC, an affiliate of Great Neck-based Gould Investors LP, in the sales transaction.

“In contrast to the overall sentiment of the office market, we were able to garner more than 10 offers from interested prospective buyers,” said John Chiaramonte. “Much of the interest generated on the property was based on its prime location just north of the Long Island Expressway.”

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