Albanese Organization, Inc. recently acquired 1055 Franklin Avenue in Garden City in a joint venture with Castagna Realty. The purchase from Prism Realty closed on March 17.

The three-story building is presently occupied by two office tenants - Fidelity Investments on the ground floor and Network Adjusters on the second floor - who together represent approximately 50 percent of the building's 45,000 square feet of leasable space. Albanese and Castagna plan to invest heavily in a complete building renovation to attract additional office tenants. Located at the corner of Eleventh Street, 1055 Franklin Avenue is Albanese Organization's latest investment in its continuing effort to revitalize downtown Garden City.

"1055 represents our conviction that Garden City's business district is second to none in Nassau County. Its location adjacent to the county seat makes it ideal for law practices, investment firms, professional services and retailers of every description," Russell Matthews, executive vice president, said. "It is a mixed-use community offering retail, hospitality, commercial and residential opportunities that make it the envy of small municipalities across the country. And we have an infrastructure, including ample parking and easy access to the railroad and major traffic arteries, that can support further office development."

1055 Franklin Avenue is the sixth building owned by Albanese Organization along Garden City's commercial corridor. The development company also owns 1050, where it is headquartered, as well as 1010 Franklin Avenue. In addition, Albanese is a partner in a joint venture with Castagna Realty in 1122, 870 (Kings Supermarket) and 855 Franklin Avenue, where a Viking Culinary Arts Center recently opened to great fanfare.

Albanese Organization has been a leader in the New York real estate development community since 1949. The firm is currently completing construction on The Solaire in New York City, the country's first environmentally responsible residential tower. From the Federal Republic of Germany, which enlisted Albanese Organization to develop its Mission to the United Nations in 1998, to the Lycee Francais, which has engaged the firm to develop its new state-of-the-art educational complex on Manhattan's Upper East Side, Albanese Organization provides development services to some of the most prominent real estate projects in metropolitan New York. Albanese Organization is also well known as the company that brought 100 United Nations Plaza to the New York City skyline. Most recently, the company completed The Vanguard Chelsea on West 24 Street, the first mixed-use multifamily rental building in the formerly industrial area.

On Long Island, Albanese Organization led the redevelopment effort that transformed Garden City into the region's financial center, including the adaptive reuse of the former A&S Department Store as the new Smith Barney regional headquarters at 855 Franklin Avenue. Other tenants of that property include Commerce Bank, M&T Bank, a 20,000 square foot New York Sports Club and the Viking Culinary Arts Center. The firm was also the co-developer in the completion and turnaround of the acclaimed Wyndham multifamily residential condominium in Garden City.

For more information, visit www.albanesedev.com.