Milvado flipping Westbury office building for $16M

After buying a Westbury office property for $12.3 million late last year, Milvado Realty Group is selling it for $16 million. 

Syosset-based Milvado had purchased the 78,909-square-foot building on 2.1 acres at 615 Merrick Ave., where it had planned a $4 million renovation project. Milvado received preliminary approval for economic incentives from the Town of Hempstead Industrial Development Agency to assist in acquiring and renovating the property, which was the former headquarters of NYCB Bancorp. 

Instead, Milvado is selling the Westbury building to Maxima Realty-Barclay LLC, an affiliate of Hicksville-based Maxima Apparel Corp., for $16 million and the buyer is planning to invest another $2.35 million on renovations, according to an IDA statement. 

Maxima specializes in sport-licensed apparel and urban streetwear brands and markets apparel and outerwear licensed by the NBA, MLB, NFL and pop culture figures. The family-owned company plans on consolidating its operations in Hicksville and New York City to the Westbury property and has received preliminary approval for economic incentives from the Hempstead IDA to assist in the acquisition and renovation project. 

Maxima, which currently has a one-year lease with Milvado for space at the property, plans to occupy about half of the building and lease the remaining space to other tenants.  

The company, which currently has 33 employees, intends to add 34.5 full-time-equivalent jobs within two years of the completion of the renovations, according to the IDA. 

“IDA assistance to this project will bring new certainty to this building and new jobs to the town,” Hempstead IDA CEO Fred Parola said in the statement, noting that the Merrick Avenue building “is outdated and in need of extensive renovations.”