Since Scott E. Mollen, co-chair of Herrick, Feinstein’s Real Estate Department, became court-appointed receiver of 111 Great Neck Road in 2010, the property has achieved great success.
Market-rate leases and renewals totaling more than 95,000-square-feet have been signed, representing approximately 58 percent of the property’s rentable space.
With a foreclosure settlement reached and the receivership ending, 111 Great Neck Road is thriving, with office space now 92 percent occupied.
After being appointed receiver, Mollen took a number of steps to promote stability and encourage long-term growth for the 164,000 s/f, Class A office building.
Besides cultivating and leveraging his good relationships with the existing office tenants, Mollen retained Jones Lang LaSalle to oversee the building’s management and leasing.
“Properties in court-mandated receivership usually do not see the kind of growth we’ve achieved,” said Mollen. “Despite a local area vacancy rate of 24.1 percent, we were able to negotiate a substantial number of new leases and lease renewals over the past three years which proves that buildings in receivership can indeed prosper and emerge from foreclosure successfully.”
Recently signed leases include agreements with Convermat Corporation for 8,610 s/f, and renewals with Starr & Company and Michael Sanders for 2,369 and 602 s/f, respectively.
Korea Argo Trade Center of New York signed a lease for 2,088 s/f. Current tenant FlexTrade Systems also exercised a right of first offer for 1,554 s/f of additional space.
In addition, many current tenants signed new leases, including SC & Associates for 1,623 s/f, Cafesol for 1,923 s/f, Gross & Edelstein for 1,406 s/f and OJV Realty for 913 s/f.
Significant tenants in the building also include Sterling Equities and the law firm Garfunkel Wild P.C.