Hauppauge, NY Bob Raffa of Island Associates negotiated a new lease for the Law Firm of Twomey Latham for 1,100 s/f office space at 490 Wheeler Rd. Twomey Latham has been a tenant in the building for over 10 years and Raffa was able to negotiate a relocation within the building with a new lease term.
490 Wheeler Rd. is a 50,000 s/f two story office building with access to the LIE and mix of office 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,