Beechwood Organization Acquires Development Site From Poly-Pak Industries In Melville For $21M

The asset involved in this transaction is a development site located at 125 Spagnoli Road in Melville. The sale was completed for $21,000,000, with a building square footage of 402,000 and a price per building square foot of $52. The site was previously a 150,000 square foot industrial facility known as the Ferncliff Hotel, which is set for redevelopment into a 299-suite extended-stay hotel by the Beechwood Organization.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $21,000,000
• Address: 125 Spagnoli Road
• Market: Melville
• Building Square Footage: 402,000
• Price per Building Square Foot: $52
• Buyer: Beechwood Organization
• Seller: Poly-Pak Industries
• Brokerages: Jeffrey Schwartzberg & Jason Miller - Premier Commercial Real Estate

Jeffrey Schwartzberg and Jason Miller from Premier Commercial Real Estate represented both the buyer and seller in this transaction. The redevelopment plans for the site include a $184.5 million investment that will create over 400 construction jobs and 22 full-time positions while generating approximately $11.8 million in projected tax revenue for the area.