Would-be owners of Woodbury office building seek 20 years of tax breaks for $32 million project
The prospective owners of a Woodbury office building that’s nearly 40% vacant due to the popularity of remote work are seeking 20 years of tax breaks to turn around the property, officials said.
Investors Ric Clark and Dennis Friedrich plan to purchase 1000 Woodbury Rd. for $23.5 million from commercial real estate giant RXR. The pair then would spend $8 million on renovations to about half of the 288,000-square-foot building.
“This building from an interior standpoint is unfortunately very dated,” said Friedrich, founding principal of TKF Real Estate Investment LLC in Manhattan. He added that much of the office space hasn’t been improved in 20 years.
“But this is a great location and I think coming in … with some fresh ideas we can get back to” 85%-95% occupancy in three years, Friedrich told the Nassau County Industrial Development Agency last week.
