Syosset-based Milvado Realty Group is in contract to purchase the five-story office building in Westbury formerly occupied by New York Community Bancorp for $12.3 million. 

Milvado has received preliminary approval for economic incentives from the Town of Hempstead Industrial Development Agency to assist with its pending acquisition and planned $4 million renovation of the 78,909-square-foot building on 2.1 acres at 615 Merrick Ave. 

Milvado, which owns more than 3.6 million square feet of industrial and office space in Nassau and Suffolk counties, plans to reposition the property to accommodate multiple office tenants. 

The seller, NYCB, has moved its Westbury staff to offices it owns in Hicksville. 

Built in 1988, the steel and glass office building also has a 95,288-square-foot parking garage. 

Milvado said the project would create 20 construction industry jobs and 65 new permanent jobs for the town following the completion of the renovations. 

“Potential IDA assistance to this project can bring new certainty to this building and new jobs to the town,” Fred Parola, CEO of the Hempstead IDA, said in a written statement. 

The deal is expected to close in Jan. 2022. 

Matthew Kucker, Gus Nuzzolese and Jordan Baruch of Colliers International are representing the seller in the pending sales transaction.

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