Glen Cove building in city's downtown sells for $3.35M
A developer has bought the 35,000-square-foot building at 14-20 Glen St. in Glen Cove, which has struggled with vacancies. Credit: Barry Sloan
A Queens-based developer purchased a three-story building in the heart of Glen Cove’s downtown that has struggled with vacancies in recent years.
Adam Malul, of Royal Homes Enterprise, bought the 35,000-square-foot building at 14-20 Glen St. for $3.35 million earlier this month. The building, across from City Hall, is nestled among a string of businesses and the city's performing arts theater. Malul’s company has developed luxury commercial and residential properties throughout New York City and Long Island, according to the company’s website.
“The building is pretty empty for the most part,” Malul said in an interview. He said he had experience in "taking buildings such as this and bringing them back to life.”
City Councilwoman Danielle Fugazy Scagliola said Malul presented a proposal for a mixed-use development concept at a meeting of the city's Business Improvement District earlier this month. Malul said plans for the property have not yet been finalized. Fugazy Scagliola said she would support the project as long as it provided "reasonable" answers to concerns about density and parking.
Guy Canzoneri, the broker who represented Malul and the sellers of the property, said the site is in a prime location but hasn’t been filled to capacity. There have been multiple “for lease” signs posted in windows at the location. 14 Glen Street Realty Holding LLC sold the property, Canzoneri said.
“The whole building has been struggling,” Canzoneri said in a phone interview.
The building has three stories and a lower level connected to a parking lot in the rear of the building, Canzoneri said.
The previous owner paid $16,845.58 in taxes on the property in 2025, according to Nassau County property records.
Glen Cove’s master plan, adopted in 2020, called for investment in the city’s downtown, including with the option of higher-density development. The report cited "the nearby availability of commuter rail and prospectively high-speed ferry service," as reasons for supporting "higher density development" in the downtown.
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