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Overcast Investment firm buys Merrick Road office complex
A real-estate investment firm purchased a five-story office complex on Merrick Road last month, and now intends to upgrade the property.
Valley East Properties, based in Westbury, added 100 Merrick Road to its list of Long Island properties. The firm, founded by Jeffrey Supinksy and Bob Agahi, purchased a 258,000-square-foot office complex at 1400 Old Country Road in Westbury, which reportedly cost about $28 million.
Other properties owned by the firm include buildings at 400 South Oyster Bay Road, 250 Fulton Avenue and 925 Hempstead Turnpike. Supinsky, who said his family has lived in the village for many years, had his eye on the 141,000 square-foot property between Windsor and South Centre avenues, noting its ample parking lot and proximity to additional municipal lots, which he said does not exist anywhere else in the area.
“I’ve been in Rockville Centre my entire life,” he said. “I think it’s just one of those neighborhoods that is a forever location, and this building is the preeminent building in Rockville Centre.”
The building houses offices for doctors, lawyers and accountants, and its largest tenant is a software development company, according to Supinsky. He added that over the last 26 years, it has had an average occupancy of 82 percent.
Supinsky said that there are no plans to change the purpose of the building, but to simply make a series of upgrades.
Such renovations will include shifting to LED lighting, adding exterior lighting in the parking lot, updating and redecorating common areas and beautifying the building with interior and exterior plants. “We kind of want to make it a personal touch,” Supinsky noted, “and bring it back to a class-A status building.”
Adam Rochlin, of the Rochlin Organization, represented Valley East, while Jose Cruz and Kevin O’Hearn, of HFF, represented seller 100 Merrick LLC in the deal. The price was not disclosed, but industry sources estimated the selling price at $22 million, the Long Island Business News reported.
