The prospective owners of a Woodbury office building that’s nearly 40% vacant due to the popularity of remote work are seeking 20 years of tax breaks to turn around the property, officials said.
Investors Ric Clark and Dennis Friedrich plan to purchase 1000 Woodbury Rd. for $23.5 million from commercial real estate giant RXR. The pair then would spend $8 million on renovations to about half of the 288,000-square-foot building.
“This building from an interior standpoint is unfortunately very dated,” said Friedrich, founding principal of TKF Real Estate Investment LLC in Manhattan. He added that much of the office space hasn’t been improved in 20 years.
“But this is a great location and I think coming in … with some fresh ideas we can get back to” 85%-95% occupancy in three years, Friedrich told the Nassau County Industrial Development Agency last week.
If you can come up with fresh ideas for your privately-owned office building, surely you can come up with fresh investor money to implement those ideas … instead of, you know, stealing from the taxpayers.
How about double tax for 20 years. The fucking audacity of “investors”
Or mao the fucking thing and make it affordable housing.
Fucking handouts? Screw you. Sell it and someone will make it better or figure out how to make it profitable
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https://www.newsday.com/business/remote-work-office-vacancy-tax-breaks-wv9uq690