Northwell buys Astoria Bank's former HQ and 20-acre property
Northwell Health has acquired the building that previously served as Astoria Bank's headquarters at 1 Marcus Ave. in New Hyde Park. (Photo Credit: Northwell Health)
Northwell Health on Monday said it has acquired a 103,000-square-foot office building that previously served as Astoria Bank’s headquarters until it was taken over by Sterling Bancorp last year.
The 20-acre property, located at 1 Marcus Ave. in New Hyde Park, is immediately north of Northwell’s Long Island Jewish Medical Center’s 48-acre campus.
Terms of the deal were not disclosed.
Northwell Health has yet to formalize plans for how the building will be developed.
Montebello, New York-based Sterling Bancorp agreed to sell the property as part of a broader effort to bring together more than 500 employees at Sterling’s regional office in Jericho. The bank said late last year that it was laying off about 200 Astoria Financial employees on Long Island after it closed the deal.
“This transaction is aligned with Sterling’s strategy to consolidate locations and reduce our real estate footprint in order to drive increased efficiencies,” Sterling president and CEO Jack Kopnisky said in a statement.
Blue Sky Real Estate Services represented Northwell Health in the acquisition. Sterling was represented by Newmark Knight Frank and DLC Management Corp.
Northwell Health is the largest private employer in the state with 66,000 employees.
By DAVID REICH-HALE