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Long Island Transactions Measure More Than $50M

LONG ISLAND, NY-The market here is proving to be popular as one company plans on expanding its facility and workforce, a development sells for a record-high price and a retail development receives permanent financing.

By Barbara Jarvie | Updated on April 12, 2004

LONG ISLAND, NY-One company is looking to expand its facility, while another secures financing for a retail site. And a site zoned for senior development garners a record price in this New York City suburb. ICON Laboratories, located in Farmingdale will create 275 new jobs and retain its current workforce of 225 at a new $30-million facility here. ICON is part of a cluster of companies that are promoting high technology jobs on Long Island. The company has grown rapidly in recent years and has been operating out of three separate buildings. The company has leased a 117,000-sf building to house all of its operations.

“Our previous lab was somewhat overcrowded; now there is room for growth and clients will be able to see that we have ample capacity to handle the increased workload that they are contracting to us,” says ICON president Eddie Caffrey.

CB Richard Ellis of Long Island arranged the $22-million sale of an 8.9-acre parcel zoned for a Continuing Care Retirement Community on Fairway Drive and West Shore Road in Port Washington. The local CBRE team of Edward Fitzsimons and Daniel Oliver, Bruce Gibson, from the firm’s Senior Housing Services Group in Miami, and Peter Stevens, from its Philadelphia operations negotiated the sale on behalf of the seller, CSFB 1998-P1 West Shore LLC. The buyer, Amsterdam House CCRC LLC was self represented. “The $2.47 million per acre paid for the site is indicative of the allure of such a prominent piece of land in one of the country’s most desirable locations.” Fitzsimons notes.

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