North Shore-LIJ Leases Bethpage Building

Long Island Business News
December 23, 2014
North Shore-LIJ Leases Bethpage Building
By: David Winzelberg

The growing North Shore-LIJ Health System has leased a 105,882-square-foot industrial building at 1001 South Oyster Bay Road in Bethpage.

Terms of the leasing agreement weren’t disclosed.|

The health system plans to use the building, which combines a 72,492-square-foot main floor with a 33,390-square-foot mezzanine on 7.54 acres, as a warehousing and distribution center for its Central Sterile and Central Pharmacy divisions, according to Philip Silverman, a senior vice president and chief physical assets officer for North Shore-LIJ. The building was last occupied by the Sarnow Food Group.

Waterstone Development, headquartered in Needham, Mass., purchased the Bethpage property for $7.95 million in June before leasing it to North Shore-LIJ. In November, LIBN reported that Waterstone was in contract to buy the property at 600 Community Drive in Manhasset from Manhattan-based Carlton Group for $59 million and signed a 30-year lease with North Shore-LIJ, which already leases about 55,000 square feet there. At the end of the 30-year agreement, Waterstone will convey the Manhasset building to the health system. There are no current plans for Waterstone to convey the Bethpage property to the health system.

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