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Milvado Property Group buys two Syosset office buildings for $18.7M

The Milvado Property Group announced on July, 24,

The Milvado Property Group announced on July, 24, 2019 that it has acquired 6801 and 6901 Jericho Turnpike in Syosset, N.Y. The two office buildings were purchased for $18.7 million. Credit: Cushman & Wakefield

Milvado Property Group, a Long Island real estate firm, has purchased two office buildings in Syosset for $18.7 million. 

The buildings, which have a total of 224,309 square feet of space, are located at 6801 and 6901 Jericho Tpke. They were built in the mid-1970s and are less than 2 miles from the Syosset Long Island Rail Road station and within easy driving distance to three major airports

Syosset-based Milvado, which plans to make additional investments to spruce up the properties, purchased the buildings from the Rosmarin family, which owns other Long Island properties. It already owned a nearby building at 6851 Jericho Tpke.

"The purchase of these two buildings gives us control of 25 acres of prime real estate in central Nassau," said David Hercman, Milvado's director of asset management.

"We see the size of the lot and the location as being very valuable for long-term development. They're centrally located to major highways and within easy reach of the LIRR, making them very attractive to current and future tenants." 

Hercman said the buildings, currently at 70 percent occupancy, were "two superior properties" that fit well with the company's portfolio of properties, which span 3.6 million square feet across 38 buildings. 

"We will continue to add to our Long Island portfolio when we see similar kinds of value," he said. 

Tenants at 6801 and 6901 Jericho Tpke. include personal injury and accident attorneys Kaplan Lawyers, Midtown Preservation Architecture & Engineering and the New York College of Health Professions.

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