Tuesday, February 10, 2009

The Nicotra's Acquire the Teleport and Give Back To the Community

The Corporate Commons, formerly known as the Teleport on South Avenue has been acquired by The Nicotra Group, LLC for $25 million. As a kid I wondered if the Teleport buildings were used as some sort of front for secret government projects, because of all the security surrounding the property. Regardless of what I thought it was used for in the past, Richard and Lois Nicotra from The Nicotra Group are focused on using this approximately 300,000 sq. ft. vacant office space to bring even more employers to South Avenue. As unemployment increases, I am glad to see a developer working towards filling a void in the Staten Island community. With the success of The Corporate Park of Staten Island, which includes several office buildings, a conference center, Lorenzo's restaurant and two hotels (Hilton Garden Inn and Hampton Inn and Suites), I bet the Corporate Commons will not fall short of having the same success as their fellow developments. I'll be sure to follow this project closely, as I'm curious to see how long it will take to rent out this office space and the types of business that will occupy the space.

Kudos to the Nicotra's for their charitable spirit and donating 25% of the profits from the Corporate Commons to the newly formed Lois and Richard Nicotra Foundation. The Nicotra Foundation will support the children of their employees in their pursuit of a college education.

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