The Huntington Atrium office building was completed in 1987. At that time, four units or 8.2366 percent of the building, were sold to help finance the construction costs. Since then the remaining units have not been for sale, but have been rented. However, as part of the owner’s estate planning, this has changed. Units are now for sale and the advantages of ownership are available to you as a purchaser of a unit in the Huntington Atrium Condominium.
When you purchase a unit in a condominium you are purchasing title to real estate, defined specific real estate which you own, plus the right to use the common areas (parking lot, corridors, bathrooms, conference rooms, etc.), along with the obligation to contribute your share of the cost of maintaining the common areas. This maintenance is provided at a high level and a low cost that reflects the economics of scale available only in large building.
There are a total of 54 units in the Huntington Atrium, varying in size and location. In addition to the original sale of four units (8.2366 percent of the building), there have been additional sales in 2007 of nine units (total 16.8365 percent) of the building. The remaining 41 units, 500-3,600 square feet, or 74.4269 percent of the building, are available.
Huntington Atrium Development is willing to provide mortgage financing for up to 85 percent of the purchase price with 30-year amortization, fixed interest rate at 7.25 percent, no financial statement required, no points, no fees, no lender closing costs and may be prepaid on any payment due date on 60 days notice. The down payment, due in signing the purchase agreement, which is held in escrow until closing, is 5 percent of the price. Closing date to be 30-60 days. The purchase contract is part of the Offering Plan as filed with the NY State Department of Law.
Why You Should Own Your Office
1. The cost to own is lower than the cost to rent, starting day one.
2. The cost advantage of owning increases each year: If you own, your mortgage interest payment decreases as you pay off the loan. If you rent, your rent escalates each year per your lease.
3. If you rent, you are locked into a commitment for the period of the lease. If you own, you can sell at any time.
4. If you rent and you wish to renew your lease when it expires, you have no assurance you will be able to do so and, if so, what the new rent will be. If you own, you can occupy as long as you like and your mortgage payment remains fixed.
5. As an owner, you are free to make any improvements you want in your office space- and the improvements belong to you. If you rent, your Landlord owns and controls the space you occupy.
6. If you expect to expand in the future you may want to purchase adjoining space up front and rent it out until you need it.
7. If you own, any gain in the value of the property year by year goes to you. And because only a percentage of the money to purchase the property was actually provided by you (the rest is your mortgage), your gain is substantially leveraged. When you rent, your landlord gains this leveraged appreciation.
8. There are substantial tax code advantages to owning. The depreciation allowance produces a current tax deduction each year. It has the effect of postponing taxes on annual income year by year and converting it into long term capital gain with a lower tax rate when you sell.
9. You can set up a separate entity to own the property and thereby adjust net between your operating entity and the entity that owns the property.
Why You Should Own At The Huntington Atrium
1. Building Location: Office space on Park Avenue in Huntington, New York. Route 35/231 runs North-South continuously from Long Island Sound to the Atlantic Ocean. Easily accessible North-South from Route 110 and East-West from Routes 25A, and 25, Northern State Parkway, Long Island Expressway and Southern State Parkway. Three minutes from Huntington Long Island Rail Road Station. Five minutes to Huntington Hospital (which is also located on Park Avenue).
2. Resale Advantage: The Huntington Atrium Condominium is the largest office building in the central Huntington area. Office space in the heart of Long Island’s business center, and a short commute to New York City, raises the owner’s profile and gives a competitive edge. This prominence facilitates re-selling.
3. Maintenance Advantage: The larger an office building the lower the maintenance cost per square feet and the more service can be provided. The 80,000 square foot size of the Huntington Atrium Condominium makes possible:
- On-site management and maintenance staff.
- Lower maintenance cost per square feet.
4. Building Features: Common areas include conference rooms, wide corridors, nine terraces on second and third floors, three atriums. Available parking spaces (333 total) are substantially more than Town of Huntington building code requirements.
5. Building Construction: Automatic fire sprinklers and fire alarms (which result in much lower insurance premiums, and guarantee safety for business records), four-inch reinforced concrete floors to handle heavy loads, non-combustible rated construction. Built 1988. Handicap access throughout.
6. Individual Suite Layout Pre-Installs:
- Pre-installed separate HVAC system for each suite maintained by Condominium).
- Pre-installed water supply and drain/vent nearby piping.
- Pre-installed electric supply and distribution.
- Pre-installed fire sprinkler system.
- Pre-installed suspended acoustical ceiling/lighting.
7. History: The Huntington Atrium Condominium Association has a 19-year record of successful operation.
Disclaimer: This is not an offer to sell. Any offer will be in accordance with the terms of the Offering Plan for the Huntington Atrium Condominium as filed with the NY State Department of Law.