The Real Deal New York

Hauppauge office building sells for $32M

January 14, 2019 01:53PM

Damianos Realty Group, a Smithtown-based investment firm, bought a six-story office building in Hauppauge for $32 million from Briar Meads Capital. The 210,000-square-foot building at 100 Motor Parkway, designed by Mojo Stumer Associates and The Baldassano Architectural Group, was erected in 2002 by developer Tritec Real Estate. Amenities in the building include several conference facilities, a fitness center, a café, an on-site property manager, security and parking. Damianos will have James Acunto of Innersite Interior Design spiff up the building’s lobbies, hallways and bathrooms as part of a planned $10 million in renovations, according to Newsday. Damianos is also looking to make improvements to the parking lot, landscaping, signs, roof and on-site medical gear. Long Island Business News noted that Briar Meads gained control of the building when it bought a $28.65 million CMBS note on the property that was defaulted on by its previous owner, GE Capital. John Finn, director of leasing and acquisitions at Damianos, was the in-house representative for the buyer on the deal, while seller Briar Meads was advised by managing director Seth Berkowitz. [Damianos Realty Group]