LI Will Get First 'Green' Commercial Site

GARDEN CITY, NY-A joint venture comprised of the Albanese Organization and Castagna Realty acquires two commercial properties here for $15 million from the Garden City Co. The developer intends to transform one of the sites into Long Island’s first “green” commercial site. It is part of an overall Downtown revitalization effort.

Work is expected to begin in July on the redevelopment of the 115,000-sf 1001 Franklin Ave. and space is expected to be available during the first quarter of 2005. Financing for the purchase was provided by HSBC Bank. Renovation work will include lobby and exterior façade work as well as turning the site into an environmentally engineered one. Specific work will include energy-efficient HVAC systems, the use of no or low-volatile organic compound materials and an advanced air filtration system. The building features 39,000-sf floor plates. Albanese constructed the country’s first green residential tower, the Solaire in Manhattan’s Battery Park City, which made its debut last year.