Milvado snags 2 Long Island office buildings for nearly $19M

Syosset, New York-based Milvado Property Group dropped $18.7 million for a pair of office buildings in its hometown, Long Island Business News reported. The two buildings at 6801 and 6901 Jericho Turnpike comprise a total of 224,309 square feet and are around 67 percent leased. Milvado, which already owns 38 industrial and office buildings across Long Island, bought the properties from the Rosmarin family, according to the outlet. “These are two superior properties that belong in our portfolio,” said a statement from David Hercman, Milvado’s director of asset management. “From a far broader strategic standpoint, this investment reflects a significant economic commitment to the region based on our belief that Long Island has a strong and vibrant future.” A Cushman & Wakefield team brokered the deal. [LIBN]