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LI office building sells for $11.75M.

Byline: David Winzelberg

A 150,000-square-foot office building on 2.5 acres in downtown Hempstead has sold for $11.75 million. The seven-story property at 50 Clinton St., also known as Hempstead Executive Plaza, was purchased by a joint venture of two Brooklyn-based real estate development firms, Alpha Equity Group and Vasco Ventures. The new owners are planning to invest more than $3 million on renovations that include a makeover of the parking structure, new lobby, common areas and a new faade, according to a statement from Brown Harris Stevens, which brokered the deal. William Segal, principal of Alpha Equity Group, said in the statement that he hopes to build a mutually beneficial relationship with the town and create a finished building that I can be proud of as much as the people of Hempstead will be with a trophy building in the epicenter of the town. His partner in the Hempstead building, Ephraim Vashovsky, principal of Vasco Ventures, said that once the renovations are completed, the property at 50 Clinton St. will be a symbol of the economic and market gentrification that has begun to transform Hempstead. Vashovsky made the news recently as a defendant in a Manhattan criminal case, where he was charged with harassing tenants in a rent-stabilized apartment building his company owns in East Harlem. Vashovsky pleaded guilty in Dec. 2017 and was sentenced to 20 days of community service and agreed to forfeit $350,000, according to published reports. David Sargoy, Irwin Rachlin and Sam Gelman of Brown Harris Stevens in Garden City represented the buyers and the seller, 2701 Associates, in the Hempstead sales transaction.

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Publication:Long Island Business News
Date:Feb 2, 2018
Words:279
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