Apollo makes $30m Hicksville office purchase.

Apollo Real Estate Advisors, L.P. has closed on the purchase of three office buildings in Hicksville, Long Island, from J.P. Morgan Chase and Co. at a price of approximately $30 million.

Located adjacent to the Long Island Railroad's Hicksville station, the three buildings at 50, 100 and 110 Duffy Avenue total 425,000 square feet.

Apollo plans to redevelop the buildings, the former location of Chase's credit operations, as multi-tenant office space and various complementary uses, according to Richard Mack, Apollo managing partner.

"This is prime real estate located right next to the busiest train station in Nassau County and within a mile of the Long Island Expressway, the Northern State Parkway and the Wantaugh Parkway. We think the transportation infrastructure at this location is unparalleled and will be a great draw for tenants," Mack said.

The Hicksville acquisition marks Apollo's third major project on Long Island.

Apollo previously redeveloped the former Lockheed Martin industrial facility in Lake Success into the 94-acre, 1.4 million square foot office park called i.Park, i.Park is currently 85% leased and features complementary amenities such as a food court and the preeminent fitness center on Long Island. The LA Fitness center at i.Park is 60,000 square feet and contains a pool, racquetball courts and a basketball court.

Mack said Apollo sees significant potential in the commercial, retail and residential real estate market on Long Island and said the firm is aggressively looking for investment, development and redevelopment opportunities in that market.

"The Long Island leasing market is one of the strongest in the country. There's ongoing demand for premier office space with substantial square footage in good locations," he said. "With Long Island's robust economy, we believe that demand will continue going forward."