NICOTRA ACQUIRES TWO OFFICE BUILDINGS FOR $25 MILLION

NEW YORK CITY — New York City-based The Nicotra Group has acquired Teleport I and II, two three-story office buildings located in the Staten Island borough of New York City, for $25 million. The two properties contain approximately 300,000 square feet of Class A office space. The buyer has renamed the buildings Corporate Commons, and plans to incorporate them into its existing office park, The Corporate Park of Staten Island, which contains five additional office buildings, two hotels, a conference center, and a restaurant and cabaret within a 415-acre wildlife preserve. The office park is currently the only one of its kind in New York City. The Nicotra Group plans to invest between $10 and $15 million to renovate the two buildings, and will also donate 25 percent of Corporate Commons’ profits to the newly created Lois and Richard Nicotra Foundation. The sellers were Murray Construction and Silverstein Properties.