IVY EQUITIES ACQUIRES QUEENS OFFICE BUILDING FOR $24.2M

ROSEDALE, N.Y. — Ivy Equities has purchased Cross Island Plaza, a 230,000-square-foot office building at 133-33 Brookville Blvd. in Queens. Offered for sale under a bankruptcy court-approved plan, the building traded for $24.2 million, or approximately $108 per square foot. Cross Island Plaza has 75 tenants and was 88 percent leased at the time of sale. David Bernhaut, Gary Gabriel, Andrew Merin, Nat Rockett, Phil D’Avanzo and Grace Braverman of Cushman & Wakefield represented the seller, Block 12892 Realty Corp., in the transaction. The Cushman & Wakefield team also procured the buyer, Montvale, N.J.-based Ivy Equities.