Smithtown, NY Island Associates representatives Lawrence Densen and Chris Mayor have closed a lease between landlord Kevin DiPietrantonio DDS and tenant Beauty and the Skin Inc. for a three-office professional suite at 50 Landing Ave.
The lease is for three years with option periods of three years with aggregate rental in excess of $45,000. Founded by Jessica Resch and Christen Pugliani, Beauty and Skin is joining McDonalds, King Kullen, Golds Gym, Duncan Brands, Taco Bell, 7-11 and other tenants.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,