Renovations and Remodels

2857 West 8th Street - Brooklyn, NY (Coney Island)

This two-story, 55,000-sf building was originally constructed for the Bonomo Candy Company, creator of nationally famous Bonomo’s Turkish Taffy. When the company relocated, the majority of the building was left vacant. Avid purchased the property, performed a complete building core renovation, and redeveloped the open manufacturing floors into office and retail space to appeal to current rental markets.

Tenants: New York City Department of Human Resources, NYU Langone Medical Associates, Dollar Tree Stores, and Blink Fitness.

Return on Investment: Over a period of nine years, the value of the building increased by 75%, including the cost of construction. Since renovation, the building has been 100% occupied and has generated continuous rental income. An additional revenue stream was created through the installation of a roof mounted Verizon tower. Avid invested $6.5 million in building-wide improvements and sold the property in 2018 for $23 million.

120 West Park Avenue - Long Beach, NY

Constructed in 1962 in the heart of Long Beach, this three-story, 21,000-sf professional building was neglected and only 12% occupied when Avid purchased it in 2017. The building’s covered on-grade parking, combined with its location opposite the Long Beach LIRR train, combine to make the site highly attractive to potential tenants. Avid completely renovated the building to upgrade common areas, corridors, building core, and MEP infrastructure. They installed new windows and an EIFS stucco façade in keeping with the community’s design aesthetic. Today, it is one of Long Beach’s premier office buildings and is 100% leased.

Tenants: A mix of traditional office tenants, including Avid’s own upscale co-working brand, Long Island Office Space, as well as an F45 personal training gym.

Return on Investment: The building was purchased in 2017 for $2.1 million. Avid invested $650,000 in improvements. The current market value is $6 million. Rent rolls increased from $12/sf at the time of acquisition to between $40 and $65/sf today. Avid currently owns the building as a long-term investment.

2850 Greene Street - Hollywood, Florida

Avid purchased this vacant 60,000-sf industrial building in 2018. It previously housed a mix of office, showroom, and distribution spaces. Steven immediately undertook cosmetic interior renovations and MEP upgrades to attract new tenants. The property is located near the Fort Lauderdale - Hollywood International Airport on a 2.5-acre site with 200 feet of frontage on I-95, providing high visibility for the tenants’ building signage .

Tenants: The building is fully leased at market rates to two tenants: United Hardware Supply and the regional airline Silver Airways.