Real Estate Firms Express Interest In Former Seaford Avenue School Property

Two commercial real estate marketing firms have responded to the Seaford School District’s a request for proposal (RFP) process to determine how best to develop a former elementary school property.

The firms that responded with interest in helping to develop the 5.6-acre former Seaford Avenue School property are Greiner-Maltz and Cushman & Wakefield. Both real estate services firms delivered presentations at the April 27 Seaford Board of Education meeting.

The RFP process follows a community input that 643 district residents responded to on what to do with the former elementary school, which was closed in 1981 and was formerly home to Five Towns College and most recently Nassau BOCES until its lease expired last year. The survey showed strong opposition to many options for the land but did indicate support for maintaining the little league baseball fields on the property.

John Pujia, Senior Director at Woodbury-based Greiner-Maltz, emphasized in his presentation that the firm has experience working with school districts to help develop former school properties. This includes a luxury condo development at a former elementary school in Lawrence as well as an assisted living proposal currently being worked on for property owned by the Syosset-Woodbury School District.

“We don’t like to set the stage as far as the market is concerned, we like the market itself set the stage,” said Pujia. “ We will go out to the marketplace with your property without a price so that there is no limits as far as what someone can offer for the site.”

Pujia pointed out how the former Number One School property in Lawrence was appraised for $15 million but Greiner-Maltz was able to get it sold to developer David Neuberg for $30 million five year ago. Pujia estimated that if the former Seaford Avenue School property were sold for condos or co-ops it would provide the district about $8 million compared to around $10 million if  an assisted living facility was constructed. He emphasized that a multi-family housing proposal with a developer would be able to be struck quicker than a plan for assisted living.

John Feeney, Senior Director at Cushman & Wakefield said during the April 27 meeting that he estimates the former Seaford Avenue School property to be worth around $6 million, Feeney estimates that 10 banks would be ready to provide loans for a development project on the property since credit conditions have vastly improved since the 2008 Wall Street meltdown.

Seaford Superintendent Brian Conboy said the district is going to review materials provided by Greiner-Maltz and Cushman & Wakefield and will likely have the two firms back at another school board meeting in the near future.