Project History

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


25 Newbridge Road

	Property Name	25 Newbridge Road, Hicksville, New York
	Building Size	80,000 sq. ft.
	Date Purchased	December 1996
	Purchase Amount	$2,400,000
	Occupancy at Purchase	0%
	Repositioning	This 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 Date	May 2000
	Sale Price	$9,800,000

1600 Stewart Avenue

	Property Name	1600 Stewart Avenue, Westbury, New York
	Building Size	220,000 sq. ft.
	Date Purchased	October 2003
	Purchase Amount	$30,500,000
	Occupancy at Purchase	82%
	Repositioning
	Sale	The parties' original interest was sold in 2006 based upon a $57,000,000 value.

Woodlands Office Park

	Property Name	Woodlands Office Park, Hauppauge, New York
	Building Size	125,000 sq. ft.
	Date Purchased	December 1997
	Purchase Amount	$8,350,000
	Occupancy at Purchase	70%
	Repositioning	This 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 Date	May 2001
	Sale Price	$11,375,000

300 Merrick Road

	Property Name	300 Merrick Road, Lynbrook, New York
	Building Size	34,000 sq. ft.
	Date Purchased	November 1997
	Purchase Amount	$1,900,000
	Occupancy at Purchase	0%
	Repositioning	This 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 Date	April 2001
	Sale Price	$4,300,000

350 West Broadway

	Property Name	350 West Broadway, New York, New York
	Building Size	44,000 +/- sq. ft.
	Date Leased	August 2004
	Purchase Amount	Property was ground leased with an option to purchase the property anytime during the first 30 months.
	Occupancy at Purchase	0%
	Repositioning	Approvals were obtained to occupy the retail portion as well as construction of a ten story residential tower.
	Sale Date	December 2006
	Sale	$25,000,000

1101 Stewart Avenue

	Property Name	1101 Stewart Avenue, Garden City, New York
	Building Size	88,000 sq. ft.
	Date Purchased	March 1997
	Purchase Amount	$3,875,000
	Occupancy at Purchase	40%
	Repositioning	The 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 Date	May 2000
	Sale Price	$9,800,000

2001 Marcus Avenue

	Property Name	2001 Marcus Avenue, Lake Success, New York
	Building Size	210,000 sq. ft.
	Date Purchased	April 1998
	Purchase Amount	$18,500,000
	Occupancy at Purchase	80%
	Repositioning	At 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 Date	March 2001
	Sale Price	$31,100,000

100 William Street

	Property Name	100 William Street, New York, New York
	Building Size	421,254 sq. ft.
	Date Purchased	October 1999
	Purchase Amount	$44,900,000
	Occupancy at Purchase	100%, but going to 50% soon after purchase (nine floors vacant)
	Repositioning	Formerly 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 Date	December 2007
	Sale Amount	$180,000,000

925 Hempstead Turnpike

	Property Name	925 Hempstead Turnpike, Franklin Square, New York
	Building Size	36,012 sq. ft.
	Date Purchased	October 2004
	Purchase Amount	$3,900,000
	Occupancy at Purchase	67%
	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 Date	December 2007
	Sale Amount	$9,600,000

220 Rabro Drive

	Property Name	220 Rabro Drive, Hauppauge, New York
	Building Size	80,000 sq. ft.
	Date Purchased	September 2000
	Purchase Amount	$6,800,000
	Occupancy at Purchase	70% 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 Date	March 2001
	Sale Price	$8,900,000

444 Merrick Road

	Property Name	444 Merrick Road, Lynbrook, New York
	Building Size	109,560 sq. ft.
	Date Purchased	September 1997
	Purchase Amount	$4,950,000
	Occupancy at Purchase	61%
	Repositioning	The 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.

Project History

25 Newbridge Road

1600 Stewart Avenue

Woodlands Office Park

300 Merrick Road

350 West Broadway

1101 Stewart Avenue

2001 Marcus Avenue

100 William Street

925 Hempstead Turnpike

220 Rabro Drive

444 Merrick Road