Galesi sells Green Island building for $5.27 million
The Galesi Group has sold a 64,000-square-foot warehouse in Green Island, New York, to Long Island Pipe Supply Inc. for $5.27 million.
The pipe, valve and fire sprinkler supplier purchased 75 Cohoes Ave. The company was the first tenant in the first building when Galesi started redeveloping the area where Ford Motors made radiators for 63 years until 1988.
Long Island Pipe was founded by Robert Moss in 1975. It is headquartered in Garden City on Long Island and operates close to a dozen locations. One of its shops is in the building next to the warehouse it acquired from an affiliate of the Galesi Group last week.
Galesi Group CEO David Buicko and Don Led Duke of BBL began redeveloping the industrial site after meeting with former Green Island Mayor Jack McNulty. Buicko has built seven warehouses and manufacturing buildings in Green Island since then, continuing to redevelop the area following the deaths of McNulty in 2009 and Led Duke the following year.
“It’s good to see Bob’s business is continuing to grow,” Buicko said, referring to the founder of Long Island Pipe.
Moss was not immediately available for comment.
The purchase comes as Amazon.com Inc. considers whether to set up a warehouse in Green Island to store products that would be delivered to customers by third-party vans and independent contractors.
Buicko said Amazon is looking at other locations in Green Island.
Long Island Pipe financed the purchase of 75 Cohoes Ave. with a $4.2 million mortgage through First National Bank of Long Island.
Read the full article here.
Cooper, Robin. “Galesi Sells Green Island Building for $5.27 Million.” Bizjournals.com, 2 Mar. 2018, www.bizjournals.com/albany/news/2018/03/02/galesi-sells-building-to-pipe-and-valve-supplier.html.
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