PX4 Development is pleased to announce the successful acquisition of the former hotel property located at 120 Jericho Turnpike in Jericho, New York. The transaction was finalized on June 5th, 2023, marking a significant milestone for PX4 Development and the Town of Oyster Bay. "We are thrilled to have successfully closed on the acquisition of 120 Jericho Turnpike," said Michael F. Puntillo, Managing Partner of PX4 Development. "This property, with our long-term lease to New York Tech, represents a significant opportunity to support their mission of fostering academic excellence and creating a vibrant campus community. We are excited to collaborate with the university to provide state-of-the-art student housing facilities and contribute to the growth and development of the local area."
Oyster Bay Town Supervisor Joseph Saladino stated, “We welcome this $15 million private investment in the Jericho community and look forward to the transformation of this building into a state-of-the-art dormitory for New York Institute of Technology students pursuing professional degrees in architecture, engineering, and many other disciplines. Residents can finally take comfort in knowing that this property will be put to good use and no longer sit vacant.”
“120 Jericho Turnpike is set to become an integral part of the vibrant educational landscape on Long Island. We are delighted to announce that New York Institute of Technology has entered into a lease agreement to occupy the property as a student dormitory starting in 2024,” said New York Tech President Hank Foley, Ph.D. “This collaboration reflects a shared commitment to providing exceptional dormitory facilities and enhancing our student experience on Long Island.”
The strategic location of 120 Jericho Turnpike offers convenient access to New York Tech’s campus and amenities, making it an ideal choice for student dormitories. The newly acquired property boasts modern amenities and features that will provide a comfortable and conducive living environment for its students.
PX4 Development is committed to making sure the property adheres to the highest quality and sustainability standards in the industry. We are dedicated to delivering a student dormitory that exceeds expectations for New York Institute of Technology and Nassau County.
About PX4 Development
For over 70 years, PX4 Development has been a trailblazing force in the real estate development industry. With a legacy of excellence, we have developed over 15,000 residential units and executed transactions totaling over $1 billion. Our unwavering commitment to innovation and sustainability sets us apart as we continue to provide our clients and partners with unparalleled construction and development management services. Spanning across commercial, industrial, residential, and institutional sectors, our extensive experience grants us a unique insight into the intricacies of the industry, solidifying our position as a leader in delivering visionary projects.
About New York Institute of Technology
New York Institute of Technology's six schools and colleges offer undergraduate, graduate, doctoral, and professional degree programs in in-demand disciplines including computer science, data science, and cybersecurity; biology, health professions, and medicine; architecture and design; engineering; IT and digital technologies; management; and energy and sustainability. A nonprofit, independent, private, and nonsectarian institute of higher education founded in 1955, it welcomes nearly 8,000 students worldwide. The university has campuses in New York City and Long Island, New York; Jonesboro, Arkansas; and Vancouver, British Columbia, as well as programs around the world. The university's student-centered approach, academic support programs, generous scholarships, and career-oriented programs support its mission to provide all qualified students access to opportunity. Caring, expert faculty and staff provide an outcomes-focused, technology-infused student experience and support research and scholarship that benefit the larger world. More than 114,000 alumni are part of an engaged network of physicians, architects, scientists, engineers, business leaders, digital artists, and healthcare professionals. Together, the university’s community of doers, makers, healers, and innovators empowers graduates to change the world, solve 21st-century challenges, and reinvent the future.