MONTVALE, NJ—Ivy Equities, based in Montvale, N.J., has paid approximately $24.3 million to acquire Cross Island Plaza, a 230,000-sq.-ft. office building located at 133-33 Brookville Blvd. in the New York City borough of Queens.
Block 12892 Realty Corp. was the seller of the property, which was offered for sale under a bankruptcy court-approved plan.
Cushman & Wakefield’s David Bernhaut, Gary Gabriel, Andrew Merin, Nat Rockett, Phil D’Avanzo and Grace Braverman represented the seller. The team also procured the buyer, which represented itself in the acquisition.
Cross Island Plaza is a 75-tenant office building and was 88 percent leased at the time of sale. Tenants at the property include USCIS, Verizon, OEC Freight and Empire City, among others.
Originally constructed in 1987, the property offers close proximity to the Belt Parkway, JFK International Airport and Nassau County.