Browse By

LeFrak Organization sells Rego Park office building

95-25 Queens Boulevard in Rego Park and Richard LeFrak

New transaction in Rego Park

An eleven story office building located in Rego Park has been recently sold for almost $140 million (about $391 per square foot). The buyer was one of its tenants, health insurer Fidelis Care, while the seller was the LeFrak Organization.

The insurance company, also known as the New York State Catholic Health Plan bought the 358,000 square foot property based at 95-25 Queens Boulevard, according to reports filed with the city. Hence, the deal was closed on March 28th.

Property background

The building in question was developed back in 1975 by the LeFrak organization itself, with Richard LeFrak at its head. Also, other tenants leasing on the building include New York Life Insurance, the Long Island Jewish Forest Hills Clinic, Capital One bank and Lobster House. In addition, the office space is rented at about $30 per square foot.

The president and CEO of Fidelis Care, reverend Patrick J. Frawley was in charge of signing the deed. Nevertheless, both parts involved declined to comment.

Richard LeFrak’s organization owns over 40 million square feet among New York, Los Angeles, London and Miami. This company is the second largest landlord in New York City, only behind the Related Compaies. In NYC alone, LeFrak owns 12,532 units. [The Real Deal]