ISLANDIA, NY-Damianos Realty Group LLC, one of the largest property owners on Long Island, has purchased 3001 Expressway Drive North, a 40,000-square-foot office building in Islandia for $3.85 million, or $96 dollars per square foot, the company announced.
The all-cash transaction marks the family's newest Suffolk County asset in its 22-building Long Island-based portfolio. The seller, Spencer Savings SLG of Elmwood Park, NJ, acquired the property through a foreclosure proceeding against RJP Realty Co.
Constructed in 1980, the building is located on both sides of the Long Island Expressway between Veterans Memorial Highway and Motor Parkway. It is currently 50% occupied by medical tenants such as HealthSource, Stony Brook University Hospital and CARES.
In an effort to increase the quality and marketability of the property, Damianos has tapped Smithtown, NY-based architect Mark Mancini of Mancini Architecture PLLC and Pat D’Auria of Innersite Interior Design Inc. to redesign the class B building’s exterior and lobby. The firm also plans to install a new roof, replace mechanical equipment and upgrade landscaping and parking on the 4.2-acre site.
X. Cristofer Damianos, principal at Damianos Realty Group, says the building is an “excellent fit” for the company’s portfolio. “We see tremendous upside potential once we complete our renovations,” he says, in a statement.
With properties across the Island, the family-owned firm primarily concentrates its business in western and central Suffolk County. Damianos owns and manages more than one million square feet of all types of commercial space, including nursing and senior housing, garden apartments, office, shopping centers, industrial buildings, medical complexes and warehouses.
John Finn, director of acquisitions at Daminos, says the building can offer “great value” to new tenants. Asking rents are currently $25 per square foot.
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