Chase branch selling ‘air rights’ for development of apartments in Plaza

Chase branch selling ‘air rights’ for development of apartments in Plaza
The space above Chase bank, located at 22 Grace Ave. in Great Neck Plaza, is for sale. (Photo courtesy of Cushman & Wakefield)

J.P. Morgan Chase is selling the “air rights” to its branch location at 22 Grace Ave., brokers with Cushman & Wakefield said on Tuesday, as part of a redevelopment project slated to bring luxury apartments to Great Neck Plaza.

The 7,200-square-foot Chase building sits on 38,544-square-foot lot in Great Neck Plaza, which Daniel Abbondandolo, a member of the team marketing the property, said has great development potential.

“22 Grace Avenue is the most exciting development in Nassau County which will transform the way Great Neck lives and works,” Abbondandolo said. “With downtown Great Neck seeing a resurgence of developments, this transit-oriented site offers the opportunity to invest in a rapidly growing Long Island rental market.”

Among those reasons are its proximity to the train station, the community’s affluence and a surge of developments in a village open to transient-oriented developments, Abbondandolo said.

He said Chase had been going through its portfolio to see where it can add more value and expand its footprint without buying new branch banks. The branch here would still operate on the bottom floor.

Asked about the sale price, Abbondandolo said the team went out without an asking price because of the “several layers” involved.

“We certainly believe that as far as pricing is concerned, we’re putting it in the hands of the developers to really understanding and really understand the upzoning potential here because of the location and what’s been granted in the past,” he said.

Abbondandolo said the team has received three dozen offers so far and that by the third quarter of 2019, it could close the sale and have a developer submitting plans to the Village of Great Neck Plaza.

Abbondandolo, Melissa Naeder and Dimitri Mastroogiannis are the team marketing the property.

The trio is also marketing 212-230 Middle Neck Road in Great Neck Estates. Abbondandolo said a “very very affluent family,” whose portfolio is in Manhattan, felt that selling the property for redevelopment would be a better use.

“And now they want to move on,” Abbondandolo said.

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