LYNBROOK, NY (March 31, 2011) -- A prominent Long Island landlord is offering grants of up to $1 million to medical tenants that relocate to its Class-A Lynbrook medical office building.
Lighthouse Real Estate Ventures, through its exclusive leasing agent, Adam Rochlin, president of Jericho-based The Rochlin Organization, is offering incentive grants of up to $1million to qualified new or relocating medical and dental practices that lease space at Lighthouse's building at 444 Merrick Road, recently re-named the South Shore Medical Center.
To qualify for the incentive grant, a medical practice must sign a minimum 10-year lease and move in before the end of 2011. The size of the grant will be based upon the amount of space leased and will be subject to compliance with the terms of the lease
"We are well aware that doctors starting new practices are stretched thin financially," said Lighthouse principal Louis Sheinker. "We want to help them get rolling by offering these grants, which they can use to outfit their spaces."
"We are here to help doctors start or grow their medical practices," said Rochlin. "There is no better time to rent new medical office space than right now with these grants available at a time when rents already have become more affordable as a result of the downturn in commercial real estate."
The grants also are available to medical groups that consolidate into larger spaces.
About 35,000 square feet currently are available in the recently renovated 112,246-square-foot, five-story building. Asking rents are $32-$35 per square foot for 10-year leases.
Lighthouse acquired the building in 1997 and has made ongoing capital improvements.
The building has ample parking and is located one block from the Long Island Railroad's Lynbrook station. It is just 35 minutes from Manhattan. It is easily accessible from John F. Kennedy International Airport, Cross Island Parkway and Southern State Parkway.
South Shore Medical Center is close to some of the world's most advanced healthcare providers including: Franklin Hospital Medical Center in Valley Stream, 1.6 miles; South Nassau Communities Hospital in Oceanside, 1.6 miles; Mercy Medical Center in Rockville Centre, 3 miles; Long Beach Medical Center, 4.6 miles, and Long Island Jewish Medical Center in New Hyde Park, 5 miles.
Medical tenants now occupy almost three quarters of the building. They include: South Shore Ambulatory, a short-stay / ambulatory surgical center that occupies the entire fourth floor; Priority Pediatrics, an after hours urgent care center for infants to young adults; CMS Medical (pre-surgery testing and evaluation); Winthrop OBYGN and Pediatric Practices; Pulmonary and Critical Care Center, pulmonologists; North Shore Hospital (visiting nurse services) and Long Island Thoracic Surgery.
About Lighthouse Real Estate Ventures
Lighthouse Real Estate Ventures, Inc. (www.lighthouserev.com) is a real estate investment company specializing in transforming under-managed properties performing at below market levels into valuable, high-occupancy, quality tenanted assets. Leveraging the partners' combined experience in capital renovation and redevelopment, carefully planned leasing strategies, and responsive hands-on management, LREV has acquired and subsequently improved over 3.4 million square feet of commercial and mixed-use space throughout New York, New Jersey, and Connecticut. For more information call (516) 693-5500.
About The Rochlin Organization
Founded in 2009, The Rochlin Organization is located at One Jericho Plaza, 2nd Floor, B Wing, in Jericho, N.Y., and specializes in representing corporate real estate owners and investors. The Rochlin Organization offers strategic advice on all aspects of real estate ownership including acquisition correspondence; disposition execution; leasing and marketing services; property management advisement; tenant relation strategies; lease administration services; all providing a firm valuation approach. For more information about the Rochlin Organization call (516) 935-8300 or visit the firm's Internet home page: www.therochlinorganization.com