HICKSVILLE, NY-Banking on the appeal of close proximity to major transportation, New York Community Bancorp reported on Wednesday that it has purchased 102 Duffy Ave., a building near the Hicksville station of the Long Island Rail Road, which is in the throes of a major restoration. NYCB paid nearly $11 million for the acquisition, according to industry sources. and it was represented by CBRE. The seller of the 160,000-square foot office building was Ivy Equities.
CBRE's team on the transaction was comprised of Philip Heilpern, svp, Martin Lomazow, svp and Paul Muratore, evp. The structure is part of a 460,000-square-foot complex that includes another building, 100 Duffy Ave. The complex was just purchased by Ivy in September of last year. Once the sale is complete, NYCB plans to move many of its back-office operations into the building, bringing hundreds of jobs into the area, according to the release.
Slated to be named NYCB Plaza, the complex sits in one of Hicksville's most vibrant commercial corridors. It is close to the Broadway Mall and several other shopping and dining areas. The complex also houses the operations of Farmers Insurance, New York Sports Club and Local 1199–Healthcare Workers Union, he release states.
The Hicksville train station is in the midst of a $55.1 million capital improvement upgrade, according to Hicksville Illustrated News. Among the planned improvements are new station platforms, waiting rooms, canopies, stairways, lighting, elevators, escalators and a digital audio communication system. The renovation plan also calls for track changes that will enable the addition of three morning and evening peak service trains between Hicksville and Grand Central Terminal, the News reports.
Civic groups in Hicksville also are making other improvements around the downtown area, the paper reports, which could lure potential tenants to NYCB Plaza. The buildings themselves have some enticements for occupancy, including 24-hour access and security, an abundance of electrical power, the availability of Liebert HVAC units, a direct pathway to the LIRR platform and raised floors throughout tenant areas, measuring four to six inches in depth.
The area's healthy real estate profile, as well the planned improvements, compelled NYCB to make the buy, says CBRE's Lomazow in the announcement of the deal.
“Given Nassau County's strong real estate dynamics, as well as the commitment by local government and community entities in the revitalization of Hicksville, the opportunity for NYCB to acquire a strong asset for its own occupancy made perfect sense,” he says. “The property's central location, adjacent to the LIRR Hicksville station, and its unique amenities proved an exceptional value for our client.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
