The Clinton Pavilion, a 150,000 square foot multi-tenanted office building, located at 50 Clinton Street in Hempstead, NY was recently sold.
David Sargoy, Irwin Rachlin and Sam Gelman of Brown Harris Stevens were the selling brokers. The building was purchased as a joint venture, between the Alpha Equity Group and Vasco Ventures.
The new owners are planning an extensive renovation of the property that includes a complete makeover of the parking structure, a completely redesigned lobby, updated renovations of all building common areas, a newly landscaped building plaza that will be accessible to all building tenants, HVAC updates, and finally, a new façade design that will bridge the old and the new with a modern architectural feel that will still preserve the character of the building.
The cost of the new building renovations will be in excess of $3 million, and William Segal has promised to utilize local labor for a large portion of the work needed. Alpha Equity Group’s William Segal was quoted saying that his “hope is 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.”
Ephraim Vashovsky of Vasco Ventures believes that the new building “will be a symbol of the economic and market gentrification that has begun to transform Hempstead.” 50 Clinton will become the largest most state of the art office building in Hempstead and its immediate surrounding areas, and will help to restore the neighborhood to its former glory of being an economic hub of Long Island.”
50 Clinton’s renovation has already begun, and already includes new electric service, new energy saving lighting and new elevators. In addition, 2 out of 4 phases of the parking garage have been completed.
Both William Segal of Alpha Equity Group and Ephraim Vashovsky, CEO of Vasco Ventures, plan to complete the building renovations within a year’s time. The lobby area, bathrooms, building exterior and the entire parking garage will be upgraded in 2018. The revitalization project they plan to unveil in the ensuing months will have direct economic impact and stimulus to the local commerce.
According to David Sargoy, who is coordinating the marketing efforts for Brown Harris Stevens, the building is very attractive for tenants due to the IDA tax abatement, which keeps tax increases down for tenants, and an abundance of on-site parking. Most importantly though, the property is walking distance to the Hempstead Long Island Railroad Station and bus terminal.
Recent lease signings include New Horizon Counseling Center for 4,200 square feet and Graceville Seniors Club for 2,170 square feet.
For further inquiries please contact Vasco Ventures management office at 718-382-5600.
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