The Octagon Building in Whitestone hits market for $26.5M

Photo courtesy of Cushman & Wakefield

A Whitestone office building — described as a “trophy asset” in its market and which housed vitaminwater and smartwater offices — has been put up for sale, according to real estate firm Cushman & Wakefield.

The Octagon Building, located at 17-20 Whitestone Expwy., is a 63,110-square-foot, five-story, elevator-serviced building with 235 feet of frontage, offering extensive visibility from the Whitestone Expressway.

The property, which includes on-site parking with 200 spaces, is currently going for the asking price of $26,500,000 and is exclusively being sold by Cushman & Wakefield.

“This is a trophy asset in the Queens office building market with extremely high visibility on the Whitestone Expressway,” said Thomas A. Donovan of Cushman & Wakefield, who is exclusively marketing the property with Stephen R. Preuss. “It is the location where vitaminwater and smartwater were created and offers a potential corporate headquarter location along with a substantial signage opportunity.”

The building will be given at 97 percent occupancy, currently consisting of 15 tenants and 20 office suites. Additional income is available from two roof antennas, Fed-Ex/UPS pickup boxes, and an electronic billboard, according to the real estate firm.

The Octagon Building is located close to LaGuardia Airport, three major highways — the Long Island Expressway, Cross Island and Grand Central parkways — and various bus lines. It is also near the Throgs Neck and Whitestone bridges.

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