Cushman & Wakefield retained to sell St. John's University's 170-acre campus

Oakdale, NY St. John’s University has retained commercial real estate services firm Cushman & Wakefield to offer for sale its 170-acre Oakdale campus. St. John’s University is continuing to explore all future options regarding its Oakdale site. The current graduate degree offerings will continue to be provided to the community, and the university remains committed to serving the Eastern Long Island community. The campus includes 11 buildings totaling 260,000 s/f. Present zoning permits both continued school use as well as the right to construct residential units. The site’s attributes make it prime for a multitude of potential additional uses that could include health and wellness, recreational and entertainment. A capital markets team including members of the firm’s Metropolitan Area Capital Market Group – Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Ryan Dowd and David Pennetta – as well as Helen Hwang and Karen Wiedenmann, formerly of Cushman & Wakefield, are heading the assignment. “We anticipate interest from a broad range of prospects,” said Whitmer. “The waterfront location, expansive bay views, large parcel size, frontage on the Sunrise Highway and availability of existing structures for repurposing make this a truly rare and unique opportunity given the scarcity of comparable sites on Long Island.” Hwang said, “A very compelling aspect is the future potential to do ground-up residential development as St. John’s has already received the zoning.” Located directly on the Great South Bay at 500 Montauk Highway, the property has a rich history. It was originally the waterfront estate for Frederick Bourne, president of the Singer Sewing Machine Company. It also previously served for many years as the site of LaSalle Military Academy, which ultimately became a kindergarten-through-high school global learning community. St. John’s purchased the property in 1998 and has invested more than $10 million in renovating classrooms, laboratories and other buildings there. The campus is highlighted by the original Georgian mansion built in 1897. The grounds are spectacular and include sweeping bay views, tree-lined walkways, ivy-covered brick  walls, well-manicured hedges and rolling green lawns. Portions of the site are currently licensed to various parties, providing in-place revenue.