
Smithtown, NY Michael Zere, executive vice president, Zere Real Estate Services closed two new commercial office space deals at 496 Smithtown ByPass, located on NYS Rte. 347.
The new tenants occupying the building are Rachel Lessard Therapy Group that leased 1,800 s/f and Helping Hearts At Home that leased 1,700 s/f.
“The building is situated right in the heart of the business district adjacent to a new Bolla Market & Service Station, Beechwood Homes Townhouse Community, Panera Bread and a new forthcoming Chick-fil-A. In addition the site is situated heading west into the Northern State Parkway. Close to retail, banking, restaurants and other professional/medical building along that popular corridor,” said Zere.
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,