Wachtler Knopf Equities to Manage, Lease Long Island, NY Office Portfolio
Wachtler Knopf Equities, a new real estate venture based in Farmingdale, NY, and formed by a pair of industry veterans, will take over the management and leasing of a 450,000-square-foot, seven-building, Long Island office portfolio.
FARMINGDALE, NY (PRWEB) December 7, 2005
Wachtler Knopf Equities LLC, a new real estate venture, will serve as managing and leasing agent for a seven-building portfolio of Long Island office properties acquired from Blumenfeld Development Group Ltd.
The principals of the new company own stakes in the just-acquired properties and their new firm owns an interest in a Queens condominium project and is seeking property acquisitions of its own in the tri-state area.
“We’re poised and ready to take advantage of opportunities,” said Wachtler Knopf principal Daniel R. Knopf, 41, of Glen Cove.
While their company is new, the principals of Wachtler Knopf Equities are real estate industry veterans with strong knowledge of the Long Island market. “This is a market we know. We live here, we work here,” said co-founder Philip Wachtler, 43, of Upper Brookville, formerly senior vice president of CLK/Houlihan Parnes and before that director of leasing for the Tilles Investment Co., where he oversaw 2.1 million square feet of commercial space. Knopf is a leading commercial real estate broker with a major firm in New York City.
Wachtler Knopf Equities will manage and lease the seven building portfolio in Nassau and Suffolk Counties totaling 451,000 square feet. The properties formerly were owned and managed by BDG.
The new venture starts out with a tremendous size advantage. “We’re a new player on the map and one of the largest office building owner/managers on Long Island working,” said Wachtler. “I’m very excited about this new venture. I understand the challenges of what this is going to be.”
Wachtler Knopf Equities plans to invest a significant amount of capital to upgrade properties in the new portfolio, which includes the 160,000-square-foot 500 Bi-County Blvd. in Farmingdale; 115 Broad Hollow Rd., Melville; 121 Broad Hollow Rd., Melville; 1800 Walt Whitman Rd., Melville; 45 S. Service Rd., Plainview, and 125 E. Bethpage Rd., Plainview.
Major tenants in the newly acquired buildings include the American Heart Association, Chase Manhattan Bank, Colorado Prime, Coram Healthcare, Cosmocom, the law firm Forster & Garbus, Liberty Mutual, Lucent Technologies, Pitney Bowles, 7-Eleven, Wendy’s, Phoenix Home Life Mutual Insurance Co., Oppenheimer & Co. and Pulver. com and Blackstone Steakhouse.
Wachtler will oversee Wachtler Knopf’s day-to-day operations and will operate from the firm’s new offices in Farmingdale. “We picked this building for our headquarters to send a message that we’re rolling up our sleeves. The tenants are going to see me everyday,” Wachtler said.
For more information about Wachtler Knopf Equities LLC call (516) 391-5979.
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