Damianos Realty Grabs More Space in the Village of the Branch
- Aug 03, 2015
By Veronica Grecu, Associate Editor
A family-owned and operated commercial real estate company has expanded its portfolio in the Greater New York City area with a new acquisition.
Damianos Realty Group LLC picked up a 30-year-old office property located at 50 Route 111 in Smithtown, in north central Long Island. The $10.62 million transaction was brokered in-house by John Finn, director of leasing and acquisitions at Damianos. John LaRuffa of NAI Long Island represented the seller, Fairfield Properties of Melville, New York.
According to PropertyShark data, Fairfield Properties had purchased the 4.25-acre property in 2004 for $7.4 million.
Located on the west side of State Route 111 and within Damianos Realty’s geographic business scope, the three-story building will be the company’s sixth office property in Smithtown’s Village of the Branch community. The 50,000-square-foot facility was 96 percent occupied at the time of sale. The tenant roster includes various corporate and medical tenants such as Merrill Lynch, New York Commercial Bank, the law firm Devitt Spellman Barrett LLP and State Assemblyman Michael Fitzpatrick.
Damianos Realty also announced it has selected Mancini Architecture to redesign the building’s exterior and lobby. The Class A office facility will get a new roof, new mechanical equipment, revamped bathrooms, elevators and hallways, as well as an upgraded landscaping and parking space.