Long Island Industrial, an owner and operator of properties across Long Island, announced the implementation of a $35-million capital improvement program aimed at modernizing its entire portfolio of properties throughout Nassau and Suffolk counties.
Projected to be completed over a five-year period, the program will see Long Island Industrial invest an average of $7 million per year into 36 properties — 23 buildings in Suffolk County totaling approximately two million square feet and 13 buildings in Nassau County totaling approximately 1.5 million square feet.
The multi-million-dollar capital improvement program will result in enhanced building facades, repairs and updates to the buildings’ roofs, improvements to parking fields, updates to HVAC systems, and modern zation of select building interiors, including new lobbies, restrooms and interior corridors, as well as new lighting packages completed upon tenants’ requests.
Additionally, Long Island Industrial plans to spend approximately $10.5 million of the total program budget to implement electric and energy conservation measures throughout the portfolio.
“This massive capital improvement program is reflective of our longstanding commitment to helping tenants achieve their corporate visions at our unique locations throughout Long Island,” said Bruce Federman, Long Island Industrial’s director of real estate. “Additionally, for tenants coming into the market that are in search of the highest quality space, this modernization effort will play a significant role in our ability to meet their needs.
Among the properties in Syosset facing an upgrade are:
99 Lafayette Drive, a 20,000-square-foot, multitenant industrial building on 11 acres;
575 Underhill Bvld., a 235,000 square-foot office building complex on 16.6 acres, home to number of businesses including Ultimate Gaga, Mother Kelly’s Italian Restaurant, Quest Diagnostics, Michael Skurnik Wines, Rabbinical Society, private medical offices and Frozen Ropes; and
6851 Jericho Tpke., a 135,000- square-foot, two-story building on a 12-acre property that houses Publishers Clearing House, N.Y College of Health Professionals and Chez-zam.