CBRE Arranges $1.2 Million Sale of Historic Floral Park Building
2020 一月 28
CBRE announced the $1.2 million sale of Centennial Hall, a 8,500± sq. ft. social hall located at 29 Tulip Avenue in Floral Park. Built in 1925, the building once served as a Masonic Temple and is the most prominent structure when entering the Village from Jericho Turnpike due to its grand stature and façade detailing.
CBRE’s Jay Gelbtuch and Eric Gilman represented the seller in the transaction, the Village of Floral Park. The building was acquired by Friedman Group LLC, who plans to redevelop the space into a multifamily property.
“Centennial Hall is a coveted fixture in the Village of Floral Park, so it was important that we partner with the Village board to identify the needs of the village residents.” said CBRE’s Gelbtuch. “After several visioning sessions with the village residents, it was determined that a Multifamily development would be the most efficient use for the space as it would allow for the building to be preserved without negatively impacting the parking or traffic in town.”
“We anticipate that the building’s unique redevelopment opportunity will bode well for the buyer, who plans to build a stunning multifamily development that preserves the original façade and charm of the existing structure”, added Gillman.
Located in the heart of the Village of Floral Park, Centennial Hall is situated on a 21,460 sq. ft. lot in the northwest section of Hampstead in Nassau County, adjacent to the Queens border. The site is just four blocks away from the Floral Park Long Island Railroad Station and directly off Jericho Turnpike, which provides convenient access to the Cross Island Parkway.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.