NYT sale leaseback completed

Real Estate Weekly, Dec 3, 2003

Newmark managing principal Chuck Tabone, SIOR, in conjunction with John Maltz, SIOR, of Greiner-Maltz, recently represented The New York Times in the sale of 303 Smith Street in Farmingdale, a 96,000-square foot warehouse and distribution facility, to Seigerman's Furniture.

A leaseback of 30,000 s/f will keep the publication's delivery arm, City and Suburban Delivery, at the site for the short term. The property, which sold for an undisclosed amount, was listed at $5.5M.

According to Tabone, "With the majority of The New York Times employees already relocated to a new 160,000-square-foot site at i.park in Lake Success, the Company wanted to maintain delivery routes serving Long Island's east end, so it was important to stay in the area. It was ideal to remain at the current facility and we are extremely pleased to have negotiated this successful sale-leaseback transaction on behalf of our client." Lon Goldstein of Goldstein Realty represented Seigerman's Furniture, a family-owned company that plans to consolidate several locations into 303 Smith Street.