Albanese adds another $15m to Garden City portfolio as redevelopment plans progress

Real Estate Weekly, March 31, 2004

The Albanese Organization, in partnership with Castagna Realty, has acquired 1001 Franklin Avenue and 1140 Franklin Avenue for $15 million.

The million purchases from The Garden City Company closed on March 17 with financing provided by HSBC Bank.

Both acquisitions represent the venture partners' ongoing lead in the revitalization of Garden City's central business district and commercial corridor.

Together, the two buildings account for 157,000 sq. ft. of prestige office and retail space in Nassau County's business hub, adjacent to the county seat in Mineola.

Located at the northeast corner of Tenth Street, 1001 Franklin Avenue is the largest commercial building on Franklin Avenue and is distinguished by a large plaza that will be redesigned and landscaped by the new owners in a $12.5 million project.

Major alterations are planned for the 115,000-sq. ft., 3-story building, which will establish it as Long Island's first "green," or environmentally engineered, commercial building.

Renovation of the building, including the lobby and exterior facade, is expected to begin in July with delivery of space to tenants during the first quarter of '05.

Drawing from AO's experience constructing the country's first green residential tower, located in Manhattan's Battery Park City [www.thesolaire.com], 1001 will be retrofitted with a number of environmentally advanced features. These will include energy-efficient HVAC systems, the utilization of materials with no or low volatile organic compounds (VOC's), and a state-of-the-art air filtration system, among others. Provisions for enhanced Indoor Air Quality (IAQ), a proven contributor to worker productivity, will rank 1001 Franklin Avenue among the most advanced office buildings in the U.S.

The building features 39,000-sq. ft. floors, making it ideal for corporate tenants and major service firms. The newly designed outdoor plaza is also expected to be attractive to lobby-level restaurant and retail tenants.

"The redevelopment of 1001 Franklin Avenue will reinforce Garden City's reputation as Long Island's premier office, retail and residential community. We are particularly excited about bringing the green initiative to Garden City, making the building especially attractive to businesses concerned with the health and productivity of their staffs," said Russell Matthews, AO Executive Vice President.

Located at the corner of Twelfth Street, across from Lord & Taylor, tenants in the 42,000--s/f 1140 Franklin Avenue building include Talbot's and Astoria Federal Savings Bank.

A 3,250 s/f office suite and 9,500 square feet of prime retail space are available for immediate delivery. Like 1001 Franklin Avenue, 1140 Franklin Avenue offers ample free municipal parking.

1001 and 1042 Franklin Avenue are the most recent additions to AO's holdings along Garden City's commercial corridor. The development company also owns 1050, where it is headquartered, as well as 1010 Franklin Avenue. In addition, it is a joint venture partner with Castagna Realty in 1122, 1055, 870 (Kings Supermarket), and 833-875 Franklin Avenue, where a Viking Culinary Arts Center recently opened to great fanfare.