Atria East changes hands on Long Island

Seller realizes healthy return on investment

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Heritage Management Co. LLC sold Atria East, a 207,000-square-foot office building in Hempstead, N.Y., for $46 million. It had paid $37 million for the property in mid-2005. The Treeline Cos. purchased the property at 990 Stewart Ave., which is part of a two-building, five-acre complex. The property was originally built to serve as a data center for Chase Manhattan Bank. The six-story structure features an atrium lobby, a full-service cafeteria and ample parking, including two underground levels. "During the past 18 months, we have negotiated eight long-term leases totaling 74,000 square feet to bring Atria East to 100 percent occupancy," said Steven Greenberg, principal at Heritage. "This has enabled us to capitalize significantly on our investment there." Heritage Management Co. is a private, family-owned real estate firm based in Ridgewood, N.J. ...