Brokerage firm Cushman & Wakefield announced that they represented the anonymous buyerof 66 Bayview Avenue, a 3,475-square-foot retail building home to Citibank in Manhasset.
The final price was $3.375 million, equating to more than $971 per square foot.
A Cushman & Wakefield team of Daniel Abbondandolo and Melissa Naeder represented the buyer, Debabrata Banerjee. The seller, CB Manhasset LLC, was represented by Stefanie Cosentino and Stephani D’Amato of Cosentino Realty.
“This property has been a banking institution for more than 60 years and is a staple in the Manhasset community,” Abbondandolo said. “Because of its close proximity to the Manhasset LIRR station, the asset provides long-term strategic value, trading with an in-place capitalization rate of 4.86 percent at just under $1,000 per square foot.”
66 Bayview Avenue, which has two drive-throughs and 12 on-site parking spots for customers, is a single-story property fully leased to one tenant, Citibank, with eight years remaining in the lease. The property is also in close proximity to the LIRR station and just a block away from Manhasset’s affluent downtown area.
No plans for the space have been announced by the new owners, and there is no word on if or when the Citibank location will close.
