Long Island Office Asset Trades, Gets Revamp
- Feb 05, 2018
A joint venture between Alpha Equity Group and Vasco Ventures has acquired The Clinton Pavilion in Hempstead, N.Y. According to Yardi Matrix, Brooklyn Financial Group sold the 150,000-square-foot office asset for $11.8 million.
The seven-story building sits on 2.5 acres at 50 Clinton St., and features an on-site café and 254 parking spaces. Hempstead Long Island Railroad Station and a bus terminal are minutes away, in addition to neighborhood amenities like retailers, eateries, pharmacies, day care centers and schools.
The building is home to HempsteadWorks, Cambridge Business Institute, Jadeja-Cimone PLLC, New Horizon Counseling Center and Graceville Seniors Club, among others. The asset also benefits from an IDA tax abatement, which continues to attract tenants.
Multi-million dollar makeover
The new ownership has embarked on a $3 million renovation program, including adding new electric service and elevators and energy-saving lighting. It has also finished upgrading part of the parking structure.
The modernization process will be completed in 2018 and will also include:
- Reimagined lobby
- Upgraded common areas
- Newly landscaped plaza
- HVAC updates
- New façade design
“The new building will be a symbol of the economic and market gentrification that has begun to transform Hempstead. 50 Clinton…will help restore the neighborhood to its former glory of being an economic hub of Long Island,” Vasco Ventures President Ephraim Vashovsky said in a prepared statement.
A Brown Harris Stevens team comprising David Sargoy, Irwin Rachlin and Sam Gelman brokered the transaction. The property previously changed hands in 2006 for $13 million.
Last March, Vasco Ventures purchased a five-building Connecticut office park.
Image courtesy of Yardi Matrix