Newmark Retained by Long Island School District to Market Three Underutilized Properties

February 7, 2023 9:00 AM

Newmark announces the firm has been retained by the Northport-East Northport Union Free School District to market for sale and lease three underutilized assets in Long Island, New York. The properties include 253 Bellerose Avenue and 120 Dickinson Avenue in East Northport and 158 Laurel Avenue in Northport. Newmark’s Senior Managing Directors Scott Berfas and Daniel Oliver and Director Jordan Oliver exclusively represent the District on the sale of the properties.

“We are looking to create the highest and best use of these properties to benefit the district and the surrounding communities,” said Berfas. “We expect robust interest from developers for these sites, and we will work with community input to ensure that a wide variety of uses are considered.”

These assets encompass 233,380 square feet of existing educational buildings, totaling 42.6 acres. The offerings present a redevelopment opportunity for various sectors, including senior housing, assisted living, single-family homes and mixed-use assets.

“We are looking forward to working with Newmark on finding the best opportunity for these properties that is financially beneficial to the district while meeting the needs of our local community,” said Robert Banzer, the District’s Superintendent of Schools.

The building located at 253 Bellerose Avenue, known as Bellerose Elementary School, was originally constructed in 1966 and totals 60,400 square feet on 15.8 acres. The unoccupied building is located less than a mile from the Village of East Northport and the Northport LIRR Train Station and offers frontage on Bellerose Avenue. The property is directly adjacent on the west side to the 32-Acre Veterans Park, which includes Turf Football Fields, two baseball fields, playgrounds and a skate park.

120 Dickinson Avenue, known as Dickinson Avenue Elementary School, was originally constructed in 1956 and totals 55,080 square feet on 12.0 acres. The partially occupied property fronts Laurel Road and Dickenson Avenue and is one-third of a mile south of Route 25A. 120 Dickson Avenue is less than a mile north of the Northport LIRR Train Station, is within walking distance of restaurants and retail offerings and is surrounded by residential homes.

158 Laurel Avenue, known as The William J. Brosnan School, was originally constructed in 1923 and previously known as the Laurel Avenue School. The underutilized property includes a 117,800-square-foot building sitting up on 14.8 acres. It is located just off Route 25A and Main Street, close to Northport Village, within walking distance to restaurants and retail, and is surrounded by residential homes to the west.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of approximately $3.1 billion for the twelve months ending September 30, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.