REAL ESTATE: Former UN building leased to fashion company
One of Long Island's most famous buildings - the home of the United Nations before it moved to Manhattan - will now house Stellae International, a luxury fashion industry logistics management company.
The building on Marcus Avenue in Lake Success was the site of such well-known defense contractors as Sperry, Unisys and Lockheed Martin after its UN days.
In a deal arranged by Richard Cohen of Ashlind Properties in Hauppauge, Jamaica, Queens-based Stellae signed a seven-year sublease for 111,000 square feet with The New York Times Co. Since 2001, The Times has used space in the 1.4-million-square-foot building as a distribution center.
Stellae's clients include some of Europe's best-known fashion houses, including Chanel, Dior, Fendi, Givenchy, Oscar de la Renta and Valentino. The company arranges air and sea freight from Europe to the United States and provides customers clearance and delivery services. Cohen represented The Times along with Manhattan-based Byrnam Wood Llc in the transaction, which closed last week.
In a sign of the times, the asking price for the property was $7 a square foot, down from $10.50 a few years ago.
Sarra Sounds Off, Season 3, Ep 2: Garden City vs. Massapequa, fantasy update and plays of the week Gregg Sarra sounds off on the hype of the Garden City vs. Massapequa matchup, plus Tess Ferguson at Floyd girls tennis with the Van Cott twins, the plays of the week and a high school fantasy football update on the latest epsiode of Sarra Sounds Off.
