Damianos Realty Group

What Damianos Realty Group does

Damianos Realty Group is a family-owned commercial real estate company founded in 1968 by Dr. Xenophon Damianos and headquartered in Smithtown, New York. The firm acquires underperforming or vacant commercial properties — offices, retail centers, medical complexes, and industrial/flex buildings — renovates them to Class A or Class A+ standards, and leases the stabilized space to a diversified tenant base. As of late 2025 the portfolio comprised 28 or more properties totaling approximately 1.5 to 2 million square feet across Long Island, spanning Suffolk County communities such as Smithtown, Hauppauge, Shirley, Commack, and Patchogue, and most recently Nassau County with the October 2025 acquisition of a 240,000-square-foot office building in Uniondale. Major tenants include healthcare systems (Northwell Health, NYU Langone, Good Samaritan Hospital), national retail and restaurant chains (Starbucks, Aldi, Applebee's, Five Guys, Harbor Freight, PetSmart, AT&T), financial institutions (Bethpage Federal Credit Union, HSBC, M&T Bank), and professional services firms.

The business operates without proprietary technology and instead monetizes physical real estate through two primary revenue streams: recurring rental income from leased commercial space and one-time gains from acquiring, repositioning, and stabilizing distressed properties. Pricing is negotiated on a per-transaction basis against prevailing Long Island market rates, with multi-year leases providing revenue visibility. The go-to-market motion combines direct leasing by an internal team led by principals X. Cristofer Damianos and Pelops Damianos and Director of Leasing & Acquisitions John Finn, supported by tenant-representation brokers and listings on LoopNet and the company's own website.

Operationally the company is led by second-generation principals X. Cristofer and Pelops Damianos, with a tenured CFO (James Newton, since 1998) and a leasing director (John Finn, since 1998), and is transitioning to third-generation leadership through Jason Pelops Damianos. The firm is entirely family-owned with no disclosed institutional investors or outside equity partners, and has demonstrated both operational depth (six consecutive Reader Rankings wins for Best Property Management and Best Office Building) and active acquisition momentum, completing major purchases in 2019, 2023, and twice in 2025.

Name

Damianos Realty Group

Legal name

Damianos Realty Group LLC

Website

https://drgrealty.com

Company type

Private

Founded year

1968

Operating status

Operating

Headcount range

11–50 employees

Short description

Damianos Realty Group is a family-owned Long Island commercial real estate company founded in 1968 that acquires underperforming office, retail, medical, and industrial properties, renovates them to Class A+ standards, and leases them to healthcare systems, national retailers, financial institutions, and professional services firms across an 28-property, ~1.5–2 million square foot portfolio.

Ownership category

akta.pro rank

Headquarters

HQ city

Smithtown

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Commercial Property Leasing: The company generates revenue by owning and leasing commercial properties including office buildings, retail centers, and industrial spaces to tenants across Long Island. Rental income from a diverse tenant base including healthcare systems, professional services firms, financial institutions, and national retailers.
2. Property Development and Redevelopment: Acquiring underperforming properties, renovating them to Class A+ standards, and repositioning them for increased occupancy and value. The company invests in capital improvements to attract quality tenants.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels8 records

Core offering

Damianos Realty Group acquires, develops, renovates, owns, leases, and manages commercial real estate properties on Long Island, New York. Its portfolio is concentrated in Class A+ office, retail shopping center, medical office, and industrial assets, leased to corporate, healthcare, retail, and industrial tenants, with full in-house property and construction management.

Product overview

Damianos Realty Group operates as a family-owned commercial real estate company offering a portfolio of physical properties rather than a software product. Their core offerings consist of commercial office buildings, retail shopping centers, medical office complexes, industrial buildings, and land development services. The company acquires underperforming properties, renovates them to Class A+ standards, and provides property management services. The portfolio includes approximately 1.5 million to nearly 2 million square feet of commercial space across Long Island properties in Smithtown, Hauppauge, Uniondale, Shirley, Commack, Babylon, and other locations. Notable properties include 50 Charles Lindbergh Blvd., 150 Motor Parkway, Floyd Harbor Center, and Stony Brook Medical Park.

Differentiator

Problem solved

Functional benefit

Products and services

• Commercial Office Space Leasing
• Retail Shopping Center Leasing
• Medical Office Building Leasing
• Industrial / Flex Space Leasing
• Land Development and Sale
• Class A+ Renovation and Construction Services (In-House)
• Landlord Representation / Commercial Brokerage
• Property and Asset Management

Quantifiable outcome

• 150 Motor Parkway occupancy increased from 30% to over 90% after renovation
• +2 more outcomes

Named customers19 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered minor.

• Katz & AssociatesminorImplementation/ SI/ Consulting Partner · 1 March 2026Katz & Associates represented Starbucks as tenant broker in the Shirley lease transaction for the 1,800-square-foot Starbucks location at Floyd Harbor Center, completing the property's turnaround with landlord representation by John Finn of Damianos Realty Group.
• JLL (Jones Lang LaSalle)minorChannel Partner/ Reseller/ Distributor · 1 October 2025JLL brokers Jeremy Neuer, Jose Cruz, and Ray Ruiz represented seller RXR in the $15.5M sale of 50 Charles Lindbergh Blvd. in Uniondale to Damianos Realty Group.
• Silber Investment PropertiesminorChannel Partner/ Reseller/ Distributor · 1 April 2025Adam Silber of Silber Investment Properties represented the seller Toy Fields LLC in the $16.1M sale of the 52,679-square-foot retail property at 2160 Jericho Turnpike to Damianos Realty Group. John Finn represented the buyer in-house.

Scale indicators6 records

Recent moves8 records

Expansion highlights5 records

Others

• JLL (Jones Lang LaSalle): Global commercial real estate services firm that both sold assets to DRG (RXR represented by JLL on Uniondale deal) and hires DRG alumni (Kaci Szabo). Comparable as an institutional counterparty in Long Island investment sales transactions and as a potential operating partner at scale.
• Cushman & Wakefield: Global CRE services and investment sales broker active across Long Island, providing tenant rep, agency leasing, and capital markets services that overlap with DRG's broker relationships. Comparable as an institutional competitor for landlord-rep mandates and as a source of comparable transaction data.

Regional players

• RXR Realty: Major New York Tri-state commercial real estate owner/operator/developer with office, multifamily, and mixed-use assets. Comparable as a Long Island-active institutional owner (sold the 50 Charles Lindbergh Blvd. asset to DRG) competing for similar suburban office and retail inventory.
• Engel Burman Group: Long Island commercial and residential real estate developer with retail, medical, and mixed-use projects. Comparable in regional focus and tenant mix (medical office, retail, Class A commercial) although larger residential component differentiates the portfolio.

Broad incumbents

• Kimco Realty: Publicly traded shopping center REIT with a national grocery-anchored portfolio that overlaps with DRG's retail tenant mix (Aldi, national chains). Provides a public-market comparable for the retail portion of DRG's portfolio at much larger scale.
• Brixmor Property Group: National open-air shopping center owner/operator (REIT) with comparable grocery-anchored retail strategy. Relevant as a public-market benchmark for the Floyd Harbor Center and Commack retail assets and their national-tenant leasing dynamics.
• Reckson Associates (a division of SL Green): Long Island-headquartered commercial real estate subsidiary of SL Green operating suburban office and flex assets in the same Hauppauge/Melville submarkets as DRG. Direct overlap on Class A office tenant base and competitive on institutional leasing mandates.

Direct peers

• Tritec Real Estate Company: Long Island-based developer and owner of commercial and multifamily properties with a reputation for value-add repositioning. Similar scale, similar submarket focus, and similar family/entrepreneurial operating style make it a close direct comparable.
• Rechler Equity Partners: Long Island-headquartered commercial real estate owner/operator with a multi-million-square-foot portfolio across office, industrial, and flex. Most directly comparable peer given shared Long Island focus, family ownership history, and value-add repositioning approach.

Emerging players

• Casto Communities / Casto Lifestyle Properties: Mid-market retail and mixed-use owner/operator focused on grocery-anchored centers. Comparable on the retail leasing and tenant-mix strategy (Aldi, Starbucks) DRG deploys at Floyd Harbor and Commack, though at a different geographic footprint.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/damianosrealtygroup
• LinkedInlinkedin.com/company/damianos-realty-group
• Instagraminstagram.com/damianosrealtygroup
• Pinterestpinterest.com/damianosrealtygroup

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Damianos Realty Group