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New York
CB Richard Ellis' Vincent LaManna and Richard Freel
Vertical retail is much less prevalent in the ‘burbs, and some owners are looking for more viable uses for vacant space. For the Fortunoff family, this means converting the 220k SF 1300 Old Country Rd. in Westbury, Long Island—it once housed its iconic namesake department store—into a mixed-use complex with over 114k SF of Class A office space. CBRE's Vincent LaManna, who's spearheading the building's office leasing campaign with colleague Richard Freel, tells us that the building is prime for conversion: It can accommodate large-block users, has ceiling heights of 18', and offers prominent signage/branding opportunities on the exterior.
1300 Old Country Road, Westbury, Long Island, NY
So far, the building has garnered interest from schools, medical facilities, hospitals, health clubs, and back offices, Vincent says. Prospective tenants are also attracted to central Nassau County's stable office market and strong transportation options—the complex is located on one of Nassau's busiest thoroughfares, has a bus stop in the front of the building, two nearby LIRR stations, and is accessible from the LIE, Northern State, and Meadowbrook. And despite the Fortunoff flagship's '09 closure, there's nary a lack of retail for tenants: the property is attached to the Source Mall, where shopping, restaurants, and parking abound.