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Project History

The properties included here were acquired by the principals of GHV in partnership with other parties.

 

25 Newbridge Road

 

Property Name25 Newbridge Road, Hicksville, New York
Building Size80,000 sq. ft.
Date PurchasedDecember 1996
Purchase Amount$2,400,000
Occupancy at Purchase0%
RepositioningThis property was originally tenanted by New York Telephone. A gut renovation was done at a cost of $3,500,000. The building was taken down to steel and all the systems were completely rebuilt.
Sale DateMay 2000
Sale Price$9,800,000

 

1600 Stewart Avenue

 

Property Name1600 Stewart Avenue, Westbury, New York
Building Size220,000 sq. ft.
Date PurchasedOctober 2003
Purchase Amount$30,500,000
Occupancy at Purchase82%
Repositioning
SaleThe parties' original interest was sold in 2006 based upon a $57,000,000 value.

 

Woodlands Office Park

 

Property NameWoodlands Office Park, Hauppauge, New York
Building Size125,000 sq. ft.
Date PurchasedDecember 1997
Purchase Amount$8,350,000
Occupancy at Purchase70%
RepositioningThis office park was purchased out of foreclosure. The lobbies, HVAC and landscaping were renovated in all of these buildings. Within 18 months the property was at 90% occupancy after an investment of $1,300,000.
Sale DateMay 2001
Sale Price$11,375,000

 

300 Merrick Road

 

Property Name300 Merrick Road, Lynbrook, New York
Building Size34,000 sq. ft.
Date PurchasedNovember 1997
Purchase Amount$1,900,000
Occupancy at Purchase0%
RepositioningThis building was purchased from Fleet Bank. An 8,000 sq ft bank branch was leased back to Fleet. An additional $1,300,000 was invested in the premises including a new lobby, new HVAC system and tenant installation costs to bring the property to 100% occupancy.
Sale DateApril 2001
Sale Price$4,300,000

 

350 West Broadway

 

Property Name350 West Broadway, New York, New York
Building Size44,000 +/- sq. ft.
Date LeasedAugust 2004
Purchase AmountProperty was ground leased with an option to purchase the property anytime during the first 30 months.
Occupancy at Purchase0%
RepositioningApprovals were obtained to occupy the retail portion as well as construction of a ten story residential tower.
Sale DateDecember 2006
Sale$25,000,000 

 

1101 Stewart Avenue

 

Property Name1101 Stewart Avenue, Garden City, New York
Building Size88,000 sq. ft.
Date PurchasedMarch 1997
Purchase Amount$3,875,000
Occupancy at Purchase40%
RepositioningThe lobbies in this property were gutted, the entire east wing of the building was rebuilt, the west wing was renovated and entirely new infrastructure was installed. Their additional capital investment was $1,900,000; by late 1998 the building was brought to 100% occupancy.
Sale DateMay 2000
Sale Price$9,800,000

 

2001 Marcus Avenue

 

Property Name2001 Marcus Avenue, Lake Success, New York
Building Size210,000 sq. ft.
Date PurchasedApril 1998
Purchase Amount$18,500,000
Occupancy at Purchase80%
RepositioningAt acquisition the property was renting for $23 psf and was in need of new management. $6,300,000 was invested and rents were increased to $30 psf with an occupancy rate of over 95%.
Sale DateMarch 2001
Sale Price$31,100,000

 

100 William Street

 

Property Name100 William Street, New York, New York
Building Size421,254 sq. ft.
Date PurchasedOctober 1999
Purchase Amount$44,900,000
Occupancy at Purchase100%, but going to 50% soon after purchase (nine floors vacant)
RepositioningFormerly Chubb's headquarters, approximately $10,000,000 was invested into the premises and a parking garage was installed in the lower level. Occupancy exceeded 95% at stabilization.
Sale DateDecember 2007
Sale Amount$180,000,000

 

925 Hempstead Turnpike

 

Property Name925 Hempstead Turnpike, Franklin Square, New York
Building Size36,012 sq. ft.
Date PurchasedOctober 2004
Purchase Amount$3,900,000
Occupancy at Purchase67%
Repositioning This landmark building was acquired from a net lease property owner who was selling at the expiration of a master lease of the entire property. Simultaneous with the closing a new lease was consummated with JPMorgan Chase for a new bank branch. Occupancy was increased to 98% at stabilization.
Sale DateDecember 2007
Sale Amount$9,600,000

 

220 Rabro Drive

 

Property Name220 Rabro Drive, Hauppauge, New York
Building Size80,000 sq. ft.
Date PurchasedSeptember 2000
Purchase Amount$6,800,000
Occupancy at Purchase70% Leased
Repositioning This building was re-positioned and brought to 100% occupancy in a few months. An additional investment of $732,000 was made to install the new tenancy.
Sale DateMarch 2001
Sale Price$8,900,000

 

444 Merrick Road

 

Property Name444 Merrick Road, Lynbrook, New York
Building Size109,560 sq. ft.
Date PurchasedSeptember 1997
Purchase Amount$4,950,000
Occupancy at Purchase61%
RepositioningThe property was acquired with a lease-back of 60,930 sq. ft. to Liberty Mutual. In June 2003 Liberty Mutual vacated the premises and by late 2004 the property was at 94% occupancy. After an investment of $11,000,000 the property was refinanced for $16,000,000.
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