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Contact:
Michael R. Coston
Director of Marketing and Public Relations
Forchelli, Curto, Schwartz, Mineo, Carlino & Cohn, LLP
Phone: 516-248-1700
Email: mcoston@forchellilaw.com
The Firm
Represents Swezey in Sale of Glen Cove Property
Mineola, May 07, 2005 — Earlier this month, Swezey-Glen
Cove Holding LLC, represented by Barbara Shaheen Alesi,
Esq., a partner at the law firm of Forchelli, Curto, Schwartz,
Mineo, Carlino & Cohn LLP (The Firm) of Mineola and
Melville, NY, completed the sale of its property located
on School Street in Glen Cove, NY. The purchase price was
$5,000,000.00.
The 45,000 square-foot building that once housed a Swezey
Department Store – one of several Long Island department
stores owned and operated by the Swezey family of Patchogue,
NY, was sold to 18 School St. LLC, a company owned by the
Yaraghi family, owners of Savavieh Carpets. The Glen Cove
Industrial Development Association, which had originally
provided tax incentives to the seller in connection with
its acquisition and redevelopment of the building, again
offered tax relief to the purchaser in the transaction.
Swezey has operated on Long Island for over a century, but
the company closed its retail operations throughout Nassau
and Suffolk Counties in 2003. In 2003-2004, Alesi successfully
represented Swezey Real Estate Development, LLC, in the
negotiation, draft, and execution of a lease to tenant Briarcliffe
College, Inc. at its 100,000 square foot headquarters at
225 Main Street in Patchogue, NY. In connection with the
wind-down of its business, she also handled the sale of
the Company’s office building in the town of Patchogue
and negotiated the successful termination of its retail
and warehouse leases at various locations throughout the
Island.
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