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Rubin Schron’s Milvado set to buy former bank HQ on Long Island

Milvado Realty, an affiliate of Rubin Schron’s Cammeby’s International Group, is set to buy the former New York Community Bancorp headquarters in Westbury, LI, and turn it into a Class-A multi-tenant property.

The Town of Hempstead Industrial Development Agency (IDA) just announced that the agency has given preliminary approval to a package of economic development incentives to the developer to upgrade the building at 615 Merrick Avenue, which is being marketed by a Colliers team for $14 million.

The IDA said Milvado plans to invest $16.6 million on the project, which is expected to get underway early in 2022 and take two years to complete. 

The five-story building, at 615 Merrick Ave., has 78,909 s/f plus a parking garage that has 95,288 s/f. NYCB relocated its staff from the building to offices it owns in Hicksville.

Fred Parola, CEO of the Town of Hempstead Industrial Development Agency (IDA), said the project would create 20 construction jobs and 65 new permanent jobs adding, “Potential IDA assistance to this project can bring new certainty to this building and new jobs to the town.”

In its application for IDA benefits, Milvado stated, The Merrick Avenue building “is outdated and requires extensive and significant renovations to transform and reposition the building into a modern, attractive, Class-A office building.”

The IDA said the incentives package is subject to further staff review, a public hearing and final approval.

Syosset-based Milvado Realty Group, which owns more than 3.6 million square feet of industrial and office space in Nassau and Suffolk Counties, is part of New York-based Cammeby’s International Group, a real estate investment company founded in 1967 by investor Rubin Schron that has  grown from a single apartment building on Delancey Street to managing more than $13 billion in assets.

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