Simone Development undertaking $16M in new projects.Simone Development Companies, a full service real estate investment company, continues to expand its portfolio in the New York Metropolitan Area New York–Northern New Jersey–Long Island is the most populous metropolitan area in the United States and the third most populous in the world, after Tokyo and Mexico City. with the announcement of $16 million in new commercial projects on Long Island and Queens. Simone recently acquired a seven-building industrial park in Hicksville, Long Island, from First Industrial Realty Trust, Inc., a Chicago-based real estate investment trust. Located at TEC Street and Alpha Plaza, the seven single-story industrial buildings total 156,000 SF of space. Thirty-four tenants occupy the buildings which are 95% occupied. The purchase price was $8.5 million. Simone's property management staff will manage the complex. "We are very pleased by the acquisition of this outstanding industrial property. With its excellent location and history of high occupancy, this property is a tremendous addition to our growing portfolio," said Joseph Simone, president of Simone Development Cos. With the acquisition of the industrial park, Simone's Long Island portfolio now totals 18 properties with 521,000 SF of space. The other properties include 27 Adams Court, Plainview; 120-130 Fairchild Court, Plainview; 100 Fairchild Court, Plainview; 170 Express Street, Plainview; 50 South Service Road, Jericho; 666 Cantiague Rock Road, Jericho; 1700 Shames Drive, Westbury; 110 Swalm St., Westbury; 11 South Denton Ave., New Hyde Park New Hyde Park, village (1990 pop. 9,728), Nassau co., SE N.Y., on Long Island; inc. 1927. It is a residential community with some manufacturing and truck farms. Nearby is the uninc. town of North New Hyde Park (1990 pop. 14,359). ; 2096 Jericho Turnpike turnpike, road paid for partly or wholly by fees collected from travelers at tollgates. It derives its name from the hinged bar that prevented passage through such a gate until the toll was paid. See also road. , New Hyde Park and 200 Forest Drive, East Hills. In the other major project, Simone has announced the completion of a 40,000-SF retail and office building at 35-30 Francis Lewis Boulevard Francis Lewis Boulevard is a boulevard in the New York City borough of Queens. The roadway is named for Francis Lewis, a Queens resident who was a signer of the United States Declaration of Independence. in Flushing, Queens Flushing is an urban neighborhood in the northern part of the borough of Queens in New York City, New York. Flushing is now home to large Chinese, Korean, Indian, Hispanic, and African American communities. The neighborhood is part of Queens Community Board 7. , NY. The building, which was built on the site of a former nursery, features 20,000 SF of retail space on the first floor. The anchor tenant, CVS (1) (Concurrent Versions System) A version control system for Unix that was initially developed as a series of shell scripts in the mid-1980s. CVS maintains the changes between one source code version and another and stores all the changes in one file. Pharmacy, occupies 10,200 SF. Other retail tenants include Rockaway Rockaway, narrow peninsula, c.10 mi (16 km) long, SW Long Island, SE N.Y., in Queens borough of New York City. Separating Jamaica Bay from the Atlantic Ocean and isolated from the rest of New York City, the densely populated peninsula owes its growth to road and rail Bedding. Simone is in lease negotiations with Hollywood Tanning tanning, process by which skins and hides are converted into leather. Vegetable tanning, a method requiring more than a month even with modern machinery and tanning liquors, employs tannin; its use is shown in Egyptian tomb paintings dating from 3000 B.C. Systems and a major bank for the balance of the space. The second floor features 20,000 SF of office space. The accounting firm of Gilman and Cioca recently leased 4,600 square feet of space. Simone is negotiating with several medical related tenants who are attracted to the complex because of its convenient location and availability of parking. The building has a lower-level parking garage for office tenants and grade-level parking for retail. The development of the building, including land acquisition, is estimated at $7.5 million. Last year, Simone Development Companies expanded its portfolio in the Westchester-Fairfield market with its acquisition of the Harrison Executive Park in Harrison, N.Y. and the former US Tobacco headquarters in Greenwich, Conn. The company has launched a more than $1 million capital improvement project at the Harrison Executive Park, a 155,000-SF office park located along Westchester's prestigious Platinum Mile. Simone is finishing a more than $2 million renovation of the former U.S. Tobacco Co. (UST USt Umsatzsteuer (German: Tax) UST Underground Storage Tank UST University of St. Thomas (Minnesota, Texas) UST University of Santo Tomas (Manila, Philippines) ) corporate headquarters building at 1 Sound Shore Drive. |
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