{"id":1004205866,"date":"2018-02-05T06:27:17","date_gmt":"2018-02-05T14:27:17","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004205866"},"modified":"2018-02-05T06:27:17","modified_gmt":"2018-02-05T14:27:17","slug":"long-island-office-asset-trades-gets-revamp","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/long-island-office-asset-trades-gets-revamp\/","title":{"rendered":"Long Island Office Asset Trades, Gets Revamp"},"content":{"rendered":"<p>By Corina Stef<\/p>\n<div id=\"attachment_1004205883\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/3034.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004205883\" data-attachment-id=\"1004205883\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/long-island-office-asset-trades-gets-revamp\/attachment\/3034\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/3034.jpg\" data-orig-size=\"1000,750\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"The Clinton Pavilion, Hempstead, N.Y.\" data-image-description=\"&lt;p&gt;The Clinton Pavilion, Hempstead, N.Y.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;The Clinton Pavilion, Hempstead, N.Y.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/3034.jpg?w=1000\" class=\"wp-image-1004205883 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/3034.jpg\" alt=\"The Clinton Pavilion, Hempstead, N.Y.\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/3034.jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/3034.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/3034.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004205883\" class=\"wp-caption-text\">The Clinton Pavilion, Hempstead, N.Y.<\/p><\/div>\n<p>A joint venture between Alpha Equity Group and Vasco Ventures has acquired The Clinton Pavilion in Hempstead, N.Y. According to Yardi Matrix, Brooklyn Financial Group sold the 150,000-square-foot office asset for $11.8 million.<\/p>\n<p>The seven-story building sits on 2.5 acres at 50 Clinton St., and features an on-site caf\u00e9 and 254 parking spaces. Hempstead Long Island Railroad Station and a bus terminal are minutes away, in addition to neighborhood amenities like retailers, eateries, pharmacies, day care centers and schools.<\/p>\n<p>The building is home to HempsteadWorks, Cambridge Business Institute, Jadeja-Cimone PLLC, New Horizon Counseling Center and Graceville Seniors Club, among others. The asset also benefits from an IDA tax abatement, which continues to attract tenants.<\/p>\n<h2>Multi-million dollar makeover<\/h2>\n<p>The new ownership has embarked on a $3 million renovation program, including adding\u00a0new electric service and elevators and energy-saving lighting. It has also finished upgrading part of the\u00a0parking structure.<\/p>\n<p>The modernization process will\u00a0be completed in 2018 and will also include:<\/p>\n<ul>\n<li>Reimagined lobby<\/li>\n<li>Upgraded common areas<\/li>\n<li>Newly landscaped plaza<\/li>\n<li>HVAC updates<\/li>\n<li>New fa\u00e7ade design<\/li>\n<\/ul>\n<p>\u201c<em>The new building will be a symbol of the economic and market gentrification that has begun to transform Hempstead. 50 Clinton\u2026will help restore the neighborhood to its former glory of being an economic hub of Long Island,<\/em>\u201d Vasco Ventures President Ephraim Vashovsky said in a prepared statement.<\/p>\n<p>A Brown Harris Stevens team comprising David Sargoy, Irwin Rachlin and Sam Gelman brokered the transaction. The property previously\u00a0changed hands in 2006 for $13 million.\u00a0<\/p>\n<p>Last March, Vasco Ventures\u00a0purchased a five-building <a href=\"https:\/\/www.commercialsearch.com\/news\/nyc-investor-snags-connecticut-office-park\/\">Connecticut office park<\/a>.\u00a0<\/p>\n<p><em>Image courtesy of Yardi Matrix<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Vasco Ventures-led partnership paid $11.8 million for The Clinton Pavilion in Hempstead, N.Y., a 150,000-square-foot asset that is now undergoing renovations.<\/p>\n","protected":false},"author":241,"featured_media":1004205883,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21782,21783,1600,21742,10,21747],"tags":[39028,39029,39027],"class_list":["post-1004205866","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-development","category-investment","category-new-york","category-latest","category-northeast","category-office","tag-brown-harris-stevens","tag-ephraim-vashovsky","tag-vasco-ventures"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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