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  • Adelphi University plans $55M modernization project on Garden City campus | Long Island Business News

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    THE BLUEPRINT:

    • ‘s modernization project is expected to cost $55 million

    • Plans include major upgrades to Hagedorn Hall and the Science Building

    • approved up to $125M in tax-exempt bond financing

    • Project could create 100 construction jobs and run through 2029

    Adelphi University is planning a $55 million modernization project for its 75-acre Garden City campus.

    The campus is set for a series of strategic upgrades, from athletic field replacements and a new student computer science lab to enhanced data center capabilities, improved learning management systems and modernized heating, ventilation and air-conditioning (HVAC) infrastructure.

    Most of the work will focus on modernizing and equipping Hagedorn Hall and the Science Building. The upgrades include updated chillers, HVAC, windows and data center. There are also plans to undertake deferred maintenance of the university’s buildings, facilities and infrastructure.

    The Town of Hempstead Local Development Corp. (LDC) on Tuesday announced that it approved the sale of up to $125 million in on behalf of Adelphi to support the capital improvement, and to perhaps refinance previously issued bonds.

    The  LDC – which provides low-interest, tax-exempt bonds to not-for-profits, educational institutions, hospitals, civic entities, or charitable organizations within the town – approved the bond sale at its Jan. 27 meeting.

    The bonds, to be underwritten by Hilltop Securities of Dallas, Texas, will be repaid by Adelphi and secured by a first-mortgage lien on the university’s land and buildings. There is no out-of-pocket cost to Town of Hempstead taxpayers.

    Adelphi is considering using bond-sale proceeds to refund all or a portion of its outstanding revenue bonds sold in 2013 and 2014. The current principal amounts total more than $35 million and over $21 million, respectively.

    “There is no doubt that the sale of these new bonds will benefit Adelphi University, its students, and have a positive impact on the economics of the surrounding communities,” Fred Parola, executive director of the LDC, said in a news release about the .

    Adelphi plans to begin the project by March, with most of the work to be conducted during the summers of 2026, 2027 and 2028. The university expects to complete the work in 2029.

    Adelphi has 1,006 full-time jobs and 1,115 part-time positions in Garden City. The proposed project is expected to generate 100 construction jobs.

     


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    Adina Genn

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  • Inked: Long Island commercial real estate sales and leases | Long Island Business News

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    520 Franklin Ave., Garden City

    Larry Good MD leased 1,305 square feet of at 520 Franklin Ave. in Garden City. Dillan Morris-Timoney of Industry One Realty represented the tenant, while Matthew Kucker of Colliers represented the landlord, 520 Franklin Avenue Owner LLC, in the lease transaction.

     

    675 Hempstead Turnpike, Franklin Square

    Manhasset-based Hermes Management LLC purchased a 2,456-square-foot building on .28 acres at 675 Hempstead Turnpike in Franklin Square for $3.75 million. The property is leased to Citizens Bank. The sale price equates to a 5.28 percent cap rate. Hermes Management also acquired a 2,500-square-foot building on .80 acres at 820 Bloomfield Ave. in West Caldwell, N.J. for $3.5 million. That property is also leased to Citizens Bank and the sale price equates to a 5 percent cap rate. Anne Chang of JadeStone Real Estate Consulting represented the buyer, while Dylan Silber of Silber Investment Properties represented the seller, Manzo-Doren Organization LLC, in the Franklin Square and West Caldwell sales transactions.

     

    205 Brookville Ave., Islip

    Contracting firm Dussan, Inc. leased a 5,200-square-foot industrial building on .51 acres at 205 Brookville Ave. in Islip. The building, which features 20-foot ceilings in its warehouse, was formerly occupied by All State Roofing. Jesse Najjar of JNRE Leasing Corp. represented the tenant, while Roger Delisle and Robert Monahan of Island Associates Real Estate represented the landlord, 205 Brookville Ave. LLC, in the lease transaction.

     

    1825 Brentwood Ave., Brentwood

    Robin’s Barbershop leased 2,200 square feet of space in the Brent City shopping center at 1825 Brentwood Road in Brentwood. Bob Raffa of Island Associates Real Estate represented the tenant, as well as the landlord, 1825 Brentwood Road Associates LLC, in the lease transaction.

     

    590 Oak St., Copiague

    188 Long Island LLC, an affiliate of Wellwood Cabinetry, purchased the 32,578-square-foot industrial building on 1.5 acres at 590 Oak St. in Copiague for $5.5 million. Wellwood, a custom cabinet maker and assembler, is relocating from 11,107-square-foot building at 910 N. Wellwood Ave. in Lindenhurst. Luca Perinuzzi and Ralph Perna of Schacker Realty represented the buyer, as well as the seller, 590 Oak Family Limited Partnership, in the sales transaction. The brokers are also marketing for Wellwood’s Lindenhurst property for sale.

     

    45 Ranick Road, Hauppauge

    Fulfillment Plus, a third-party logistics company, leased 56,500 square feet of industrial space at 45 Ranick Road in Hauppauge, consolidating and expanding from about 20,000 square feet it occupied at 25 Andrea Road in Holbrook. Fulfillment Plus is also looking to sublease the 50,000 square feet it has at 889 Waverly Ave. in Holbrook, with plans to expand further and eventually lease the entire 125,147-square-foot building on 8.73 acres at 45 Ranick Road, according to a broker on the deal. Fulfillment Plus provides order fulfillment, inventory storage and management, returns processing, subscriptions and custom packaging and syncing with major online platforms like , Walmart, Shopify and others, according to its website. Joshua Cohen and Kyle Burkhardt of Newmark represented Fulfillment Plus, as well as the landlord, SRE 45 Ranick Road LLC, an affiliate of Sterling Investors, in the Hauppauge lease transaction.

     

    2040 Express Drive South, Hauppauge

    Dealer Tire renewed its lease for 72,920 square feet of industrial space at 2040 Express Drive South in Hauppauge. Joshua Cohen and Kyle Burkhardt of Newmark represented the tenant, as well as the landlord, N&G Realty Co., in the lease transaction.


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    David Winzelberg

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  • Madison Mortgage relocates with Garden City sublease | Long Island Business News

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    , a real estate and mortgage services firm, is relocating to Garden City. 

    The mortgage firm subleased 16,414 square feet of office space at 900 Stewart Ave. from . The company will be moving from 3 Dakota Drive in Lake Success. 

    “While we truly enjoyed our many years in Lake Success, we felt that Garden City offered the best long-term fit for the future of Madison Mortgage Services,” Shah Tehrany, the company’s founder and CEO told LIBN. “Garden City is one of Long Island’s most dynamic business hubs, centrally located, vibrant, and full of energy. The community is growing, new restaurants and businesses are opening, and the environment is incredibly supportive for companies looking to scale. We’re thrilled to be in 900 Stewart Avenue, and we believe this move positions us to better serve our clients, our partners, and our team for years to come.” 

    Founded in 2019, Madison Mortgage is licensed in 44 states and Washington D.C. The firm provides a variety of mortgage services involving home purchases and refinancing and offers nearly instant rate quotes on its website at madisonmortgage.com. 

    The continues to gradually improve, though large amounts of sublease space remain. The overall vacancy rate in the third quarter was 13 percent, down from 13.9 percent in the previous quarter, according to a report from . However, there was still 870,492 square feet of sublease space available at the end of Q3, about two-thirds of which is Class A, with 494,705 square feet of the available sublease space in Nassau County. 

    Daniel Oliver and Scott Berfas of represented Madison Mortgage, while Phil D’Avanzo of Cushman & Wakefield represented main tenant Flagstar Bank in the Garden City sublease transaction. 


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    David Winzelberg

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