David Winzelberg //November 15, 2023 //
65 Allen Blvd. Farmingdale / Google Maps image
Pharma firm expanding with Farmingdale acquisition
65 Allen Blvd. Farmingdale / Google Maps image
David Winzelberg //November 15, 2023 //
A Long Island pharmaceutical manufacturer is expanding with its purchase of a Farmingdale industrial property.
Precision Pharmacy acquired a 10,000-square-foot building on .50 acres at 65 Allen Blvd. for $1.05 million. The sale price was reduced after the building suffered substantial damage from a fire earlier this year.
Precision already owns the 10,000-square-foot building next door at 69 Allen Blvd., but the company needed more space to accommodate its growing business. The buyer plans to invest several million dollars to restore, renovate and equip its new property.
The building at 65 Allen was owned by Barish Pump, a distributor of industrial pumps, which occupied about half the building and leased the other half to a limousine company. Barish Pump has since relocated to leased space in Deer Park.
Gary Chimeri of Paramount Properties Group represented the buyer, as well as the seller, Barish Pump, in the sales transaction.
“Despite the fire, both parties were still able to reach an agreement on a new sale price,” Chimeri said. “In the end, it was a fair deal.”
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