A four-building business complex in Roslyn Heights, Expressway Plaza, was bought by Lalezarian Developers for $15.35 million, according to a Long Island Business News article.
The property was sold at auction by Maryland-based CWCapital, a company that took title after the property was foreclosed upon in 2013, the article said. The former owners of Expressway Plaza defaulted on a $23.77 million commercial mortgage before its foreclosure.
The complex was reportedly underperforming and is currently 50 percent vacant.
In previous acquisitions, Lalezarian Developers has redeveloped properties into residential spaces, like the former KeySpan headquarters at 250 Old Country Road in Mineola, which was converted into an apartment building, the article said.
The complex offers approximately 150,000 square feet of space and covers 9.26 acres.
Kevin Lalezarian, principal of Lalezarian Properties LLC, was not available to comment on the purchase.
