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LREV has a proven track record of uncovering commercial properties whose appreciation and income level have fallen due to poor management, or the inability of a current owner to aggressively stay ahead of ever changing market conditions. Once we find a commercial “diamond in the rough” with promise, we carefully assess each step as we move through acquisition, redevelopment, financing, leasing and management — always focused on addressing the details that ensure success. In addition to those properties available for review in the LREV Property Portfolio, other recent LREV commercial accomplishments include:
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A 210,000-square foot building at 2001 Marcus Avenue in Lake Success, New York was acquired with an occupancy rate of 80%, and new rents averaging $23 psf. A multi-million dollar renovation of the property included upgrades to the mechanical systems and common areas, and the installation of new elevators and bathrooms. Upon completion, the occupancy rate rose to 95%, new rents started at $30 psf, and a net operating income of $3.2 million was in place at the time the building was sold. View the Lobby |
| An 88,000-square foot commercial building at 1101 Stewart Avenue in Garden City, New York, formerly a regional office for Coca-Cola, had an anemic 40% occupancy rate when acquired. LREV installed new air conditioning systems, elevator, bathrooms, roofs; converted the existing heating system from oil to energy-efficient gas; and put an aggressive management and leasing team in place. The building was sold with a net operating income of $1.1 million dollars and 100% occupancy. |
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A 125,000-square foot office complex, The Woodlands Office Park includes three commercial buildings at the intersection of Veterans Memorial Highway and Route 111 in Hauppauge, New York. It was purchased at the end of a long and arduous foreclosure process. LREV installed new roofs, new HVAC units, upgrades to the lobby and elevators, and extensive new landscaping promoting the project’s bucolic setting. The building was sold with a 90% occupancy rate, and a net operating income of $1.3 million dollars. |
| An 80,000-square foot vacant office building at 25 Newbridge Road in Hicksville, New York, formerly occupied by New York Telephone, was acquired, gutted and dramatically improved with new windows, a new exterior, new lobby, two new shaft-expanded elevators, and new bathrooms. The building was sold with a 95% occupancy rate, and a net operating income of $1 million. |
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