Myra Properties, a division of telecom company Reliance Communications, has bought a 69,863-square-foot building at 555 Wireless Blvd. in Hauppauge for $8 million. Reliance had been leasing the building.
In order to take advantage of a 1031 tax-free exchange, Reliance sold an 118,042-square-foot building at 350 Wireless Blvd., which it owned but had not yet occupied. Pharmaceutical manufacturer A&Z Pharmaceutical purchased that building for $12.6 million to expand its operations—as reported by LIBN in September. A&Z secured nearly $1.7 million in tax concessions from the Suffolk County Industrial Development Agency after agreeing to expand by 30 employees over the next two years.
Daniel Gazzola of Newmark Grubb Knight Frank, who represented A&Z with NGKF colleague Chuck Tabone, said 350 Wireless Blvd. has room for expansion, which was attractive to the growing pharmaceutical company.
NGKF’s Jack O’Connor represented the seller of 555 Wireless Blvd., private investor John Shalam, founder of Audiovox now known as Voxx International. O’Connor was assisted by NGKF’s Scott Berfas, Susan Fallon, and Robert Polito. The team also represented Reliance in the sale of the 350 Wireless Blvd. property.