The 250,000-sf, two-building complex, formerly the Robert Plan Building, has been owned by Great Neck, NY-based Sterling Equities since 2006. Robert Rosenbluth of Real Estate Strategies Ltd., of Jericho, NY, represented Kingsway in lease negotiations. Philip Wachtler, principal of WKE, represented the building's owner.
Wachtler says the property will soon undergo capital improvements to "give it a better look." He tells GlobeSt.com that Sterling is redoing the whole front entry of the building, have already improved the landscaping and curb appeal and the next phase is to redo the lobby. When asked about the renovation budget, he notes that "we are currently waiting for the final budget numbers for the improvements," but says it is a significant amount. "We are also upgrading the cafeteria, putting in new bathrooms on the first and second floors, and redoing the signage of the building."
Asking rent, Wachtler notes, is in the low-$20s per sf, which he says is comparable to other buildings in the area, but he could not disclose taking rent or the aggregate lease value at this time. This is the first tenant in the building, he says, adding that WKE is currently working with another tenant on a lease that will make the property 50% occupied, but he could not disclose the tenant's identity at this time.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
