Taking advantage of the current market dynamics on Long Island, Newport Realty Partners acquired 99 Powerhouse Rd. in Roslyn Heights and 1101 Stewart Ave. in Garden City, N.Y. Kelly Koukou, a senior vice president with CB Richard Ellis's Long Island office, represented Newport Realty Partners in the acquisition, which totaled $27.6 million.
Subsequent to the sale, Newport Realty appointed Koukou as the buildings' exclusive leasing agent. Totaling a combined 150,000 s/f of office space, the properties are both located in prime regions of Long Island and offer the new ownership exceptional upside potential. Koukou will be spearheading a marketing campaign for both properties. Currently, 1101 Stewart Ave. has just 18,000 s/f of available space, while 99 Powerhouse Rd. is nearly fully leased with only 8,000 s/f of prime office space still vacant.
"Despite a slight downturn in the Long Island office leasing market, the economics of this multi-property acquisition made Newport Realty's decision a slam dunk," said Koukou. "We believe that both properties are in a unique position to emerge from the current lackluster market in excellent shape and provide a terrific return to the new ownership."

David Sargoy of Brown Harris Stevens marketed the properties on behalf of the sellers, David and Marty Webber.

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