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NEW YORK CITY-A newly formed real estate firm has purchased a 31,200-sf office building in Hicksville, Long Island in a $2.9-million cash deal. Hicksville Properties LLC, a division of Queens-based Tully Construction Co., sold the three-story property to 76 North Broadway Realty Corp.

Kelly Koukou, a director in Insignia/ESG’s Long Island office, represented the buyer and the seller in the transaction. Insignia will handle leasing at 76 N. Broadway under the new ownership.

To facilitate the acquisition, the new owners sold a Brooklyn property in a 1031 exchange. “The buyers wanted to expand their holdings into Long Island,” notes Koukou, “while the seller’s strategy has been to concentrate their holdings in Queens and the outer boroughs of New York City.”

Constructed in 1966 and situated on roughly 1.25 acres, the building is adjacent to the Hicksville train station. It is one of the last commercial buildings in the area that has yet to undergo an upgrade. According to Koukou, that situation is about to change. “The new owners plan a major rehabilitation, including a new roof, refurbished restrooms, and improved parking to bring the property up to Class B status,” he says.

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