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New York

Developers purchase two SI buildings

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Developers Lois and Richard Nicotra purchased two vacant
buildings at Staten Island’s Teleport business hub today for $25 million from
Murray Construction and Silverstein Properties. The buildings, which
the Nicotras said they will name Corporate Commons I and II, have been
vacant since 2002, when they were occupied by AT&T. The Nicotras
plan to spend $10 to $15 million renovating the buildings, which
contain nearly 300,000 square feet of office space. The current vacancy
rate at the Teleport campus, a 100-acre office and telecommunications complex, is 50 percent.