The Great Neck real estate company One Liberty Properties will issue 2.7 million shares of common stock at $15.85 a share, the company said.
The underwriter, Deutsche Bank Securities, has a 30-day option to purchase up to an additional 405,000 shares from One Liberty. The stock is expected to be offered publicly on Friday.
One Liberty said it will use the money to repay debts, and for general corporate purposes including the purchase of properties.
One Liberty, organized in 1982, maintains a geographically diverse set of retail, office and industrial properties.