June 16, 2008 - Long Island
On May 16, Farrell Fritz's commercial real estate department completed their representation of The Engel Burman Group in the purchase and acquisition financing of the Doubleday campus, widely acknowledged as a Garden City landmark, located at 301, 401 and 501 Franklin Ave. The transaction, one of the largest to occur on Long Island this year, consisted of an approximately 270,000 s/f, two-building complex with expansive parking. Engel Burman and the property seller had been in negotiations and contract for several months. Jan Burman of Engel Burman said, "We moved quickly when we heard this trophy property had come on the market. We had the financial resources to close title and lease up the property with first-class tenants."
Peter Curry, Bob Sandler and Rochelle Laufer of Farrell Fritz represented the Engel Burman Group. The property listing was handled by Sutton and Edwards real estate brokers, Chip Entwistle, Gus Nuzzolese and Ted Trias.
As a main feature of the transaction, the Farrell Fritz lawyers negotiated a lease of a significant portion of the 501 Franklin building to Bookspan, a book retailer. The properties are also occupied by the airline Jet Blue, and McDonnel & Adels, a law firm. Engel Burman, comprised of Jan Burman, Sydney Engel, Steven Krieger, Scott Burman, Michael Weiss and various other family members, is already proceeding to lease up the remainder of the 401 Franklin building.