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Jericho Investment Sale

Princeton International Properties Buys on Long Island
By Walt Brown
April 17, 2002 | 12:48 P.M.

Manhattan-based landlord, Princeton International Properties Corp., purchased North Shore Plaza in Jericho, NY, for $12 million, or approximately $102 per square foot from Stellar Management. The 2-building complex, totaling approximately 117,000 square feet, is at 366 and 380 N. Broadway (Route 107) at the Northern State Parkway. Brian Ezratty of Eastern Consolidated Properties was the sole broker for the transaction. Larry Gluck, principal of Stellar Management, and David Tawfik principal of Princeton International Properties were both instrumental in the sales transaction. Tawfik said "We are very pleased with the acquisition of this asset, particularly because of the outstanding location of the property. We are planning to upgrade the buildings, particularly the two lobbies and the hallways which will help reduce the current 17 percent vacancy rate." The Unisys Corp. is the major tenant in the complex.

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