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Thomas Associates expands in Farmingdale.

Thomas Associates has expanded and relocated from 666 Old Country Road in Garden City, NY to a free-standing building of approximately 23,000 square feet at 1 Michael Avenue in Farmingdale, NY.

As exclusive representatives, Gus Nuzzolese and Eric Launer of Sutton & Edwards, Inc. disposed of Thomas Associates' leasehold at 666 Old Country Road and structured a 15-year lease agreement at 1 Michael Drive that leverages the economic benefits offered by the Industrial Development Agency (IDA) of Babylon.

Sutton & Edwards negotiated a 2.5-year sublease for 6,000 of the available 10,000 square feet at 666 Old Country Road and coordinated a lease buy-out for the remaining 4,000 square feet, enabling building ownership to recapture the space and enter into a seven-year lease agreement with Sari M. Friedman, PC, represented by Cary Agin, also of Sutton & Edwards.

As part of the 15-year lease signed at 1 Michael Avenue, Nuzzolese and Launer arranged a deed transfer from building ownership to the IDA of Babylon, enabling Thomas Associates to take advantage of economic incentives, including a reduction in real estate taxes and sales tax exemption for the construction and set-up costs.
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Publication:Real Estate Weekly
Geographic Code:1U2NY
Date:Dec 1, 1999
Words:191
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