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LeFrak sells Rego Park office building to tenant for $140M

Property Markets / Transactions

United States of America

Apr 13 2017

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Mark Maurer

The LeFrak Organization sold an 11-story Rego Park office building for nearly $140 million to one of its tenants, health insurer Fidelis Care.

Fidelis Care, also known as the New York State Catholic Health Plan, paid $139.9 million for the 358,000-square-foot property at 95-25 Queens Boulevard, according to property records and sources.

The deal closed for about $391 per square foot on March 28, almost exactly one year later after going into contract, records show.

The LeFrak Organization, led by Richard LeFrak, developed the building in 1975. The building’s other tenants include New York Life Insurance, the Long Island Jewish Forest Hills Clinic, Capital One bank and Lobster House. Office asking rents are in the $30s per square foot.

Rev. Patrick J. Frawley, president and CEO of Fidelis Care, signed the deed. He could not be reached for comment, and LeFrak declined to comment.

The sale is believed to be part of a 1031 exchange with the Affinia Dumont hotel in Manhattan’s Kips Bay, which LeFrak is buying for nearly $120 million and is planning a residential conversion, as The Real Deal reported last month.

The LeFrak Organization controls more than 40 million square feet in New York, Los Angeles, London and Miami, according to the firm. LeFrak is the second largest landlord in New York City, with 12,532 units, trailing only the Related Companies, TRD’s 2016 ranking of residential landlords shows.

SOURCE: The Real Deal


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