Wachtler Knopf Equities principals Philip Wachtler and Daniel R. Knopf own stakes in the newly acquired properties. The firm also owns an interest in a Queens condominium project and is also looking for property acquisitions of its own in the tri-state area. "We're poised and ready to take advantage of opportunities," Knopf says.
Wachtler Knopf Equities plans to invest "a significant amount of capital" to upgrade the properties, according to a release from the company. The portfolio includes the 160,00-sf 500 Bi-County Blvd. in Farmingdale; 115 Broad Hollow Rd., Melville; 121 Broad Hollow Rd., Melville; 1800 Walt Whitman Rd., Melville; 45 S. Service Rd., Plainview, and 125 E. Bethpage Rd., Plainview.
"We're a new player on the map and one of the largest office building owner/managers on Long Island working," Wachtler says in a statement. "I understand the challenges of what this is going to be."
Both Wachtler and Knopf, both Long Island residents, have strong ties and knowledge of the market. "This is a market we know. We live here; we work here," Wachtler adds. He is a former senior vice president of CLK/Houlihan Parnes and, before that, was director of leasing for Tilles Investment Co. Knopf is a commercial real estate broker with a major New York City firm. Major tenants in the portfolio include the American Heart Association, Chase Manhattan Bank, Colorado Prime, Coram Healthcare, Cosmocom, the law firm Forster & Garbus, Liberty Mutual, Lucent Technologies, Pitney Bowles, 7-Eleven, Wendy's and Phoenix Home Life Mutual Insurance Co.
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