Meridian Investment Sales announced today that David Schechtman and team, will exclusively market the leasehold interest of 50 Charles Lindbergh Boulevard in Uniondale, NY. This prominent class-A office building is well located in Uniondale on Long Island, and is situated just minutes from the Nassau Hub – the 70-acre redevelopment site that surrounds the Nassau Coliseum. The six-story building features 215,072 rentable square feet and its lot spans over nine acres and contains 49 covered parking spaces and 932 outdoor parking spaces.
Constructed in 1980, 50 Charles Lindbergh Boulevard was built on a 99-year ground lease from Nassau County. Its proximity to the Nassau Hub will draw significant private and public investment into the area, creating thousands of new jobs. The revitalization aims to create a “new suburbia” with a focus on life sciences, innovative residential housing, entertainment, and walkable streets.
“50 Charles Lindbergh Boulevard presents investors with a unique opportunity to participate in the resurgence of the neighborhood while acquiring a building that will be a true beneficiary of the anticipated increased business activity,” said David Schechtman, Senior Executive Managing Director with Meridian. “Investors will enjoy the long-term, favorable ground lease structure that has over 61 years remaining of below market rent.”
Expiring in 2082, the lease has no remaining rental escalations or Fair Market Value resets and totals just 3.3% of the potential Effective Gross Income.
This class-A office building has no deferred maintenance and features recently completed renovations that include elevator modernization, a new parking surface, and a new roof with over 10 years remaining on the warranty. The property also contains a grand lobby with 19 foot high ceilings, and the upper floors boast 8 foot, nine inch drop ceiling heights, allowing for excellent light and air.
David Schechtman, Senior Executive Managing Director, can be reached at (212) 468-5907 or DSchechtman@meridiancapital.