Newmark has completed the sale of 17 Central Avenue, a 22,000-square-foot industrial building, for $2.6 million. Seller Liberty Moving and Storage, Inc. was represented by Newmark managing director Daniel T. Gazzola and executive managing director Ralph Perna of the firm’s Melville, N.Y., office. The buyer, Brothers Roofing Supplies/Brothers Building Materials, was represented by Jeremy Hackett of Metro Realty Services.
The transaction completes the consolidation and relocation needs of both the buyer and seller. Newmark had been retained in 2007 by Liberty Moving and Storage to determine a consolidation strategy, which ultimately resulted in the construction of a brand-new structure on six newly acquired acres within the Hauppauge (NY) Industrial Park.
“Liberty’s new headquarters was built to its very unique specifications,” says Gazzola. “The efficiencies that were gained from having everyone and everything in one place have improved its business and work flow from day one.”
“In a new aggressive market, our new building was a way to re-invent ourselves and help fuel our area of sales, both nationally and locally,” states Michael Federico Jr., principal of Liberty Moving and Storage.
Brothers Roofing Supplies/Brothers Building Materials, also in the midst of a consolidation strategy, subsequently determined that 17 Central Avenue met its requirements, and initially leased the facility for one year with an option to buy.
“The intention was to lease 17 Central Avenue, then acquire it after arranging a 1031 transaction with another building it was selling,” Gazzola says. “The lease with option to purchase worked for both parties, and within the first year of the lease, Brothers exercised that option to purchase. This transaction was an obvious win-win for both companies.”
The building at 17 Central Avenue was a local landmark during Liberty Moving and Storage’s more than 25-year occupancy, well-known for the 10-foot replica of the Statue of Liberty atop its roof. The statue was clearly visible from the Long Island Expressway from both directions and served as a landmark for drivers.
“When making calls to market the property, virtually everyone knew which building it was when we mentioned the Statue of Liberty,” says Gazzola.
About Newmark
Newmark is one of the largest independent real estate service firms in the world. Headquartered in New York, Newmark and London-based partner Knight Frank operate from over 200 offices in established and emerging property markets on six continents. Last year, transactions were valued at more than $32 billion with annual revenues of over $811 million. With a combined staff of more than 6,300, this major force in real estate is meeting the local and global needs of owners, tenants, investors and developers worldwide. For further information, visit www.newmarkkf.com.