"This office building has been kind of neglected and has not had a lot of money put into it," said Daniel P. Deegan, the investors' real estate attorney. He emphasized the need for rehabilitation and attracting high-quality tenants as the ultimate goal.
RXR spokesman David Garten refuted allegations of neglect, stating, 'These allegations are completely without merit and not based in fact,' highlighting that this building is their final property in the area.
At the IDA meeting, Deegan noted, 'The effort here is to purchase the property ... and ultimately put $8 million into the building to rehabilitate it and to attract high-quality, Class A tenants - and hopefully get it back up to 90-100% occupied.'
According to a report from Colliers, Woodbury and its neighboring areas had 9.9 million square feet of office space as of June 30, with a significant vacancy rate of 20%, indicating a pressing need for revitalization efforts.
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