Metropolitan Realty Associates Appoints CBRE As Exclusive Leasing Agent For 711 Stewart Avenue And Renames Property Garden City Square
July 9, 2010
(Garden City, N.Y.) – Following its recent purchase of 711 Stewart Avenue in Garden City, Metropolitan Realty Associates (MRA) announced the hiring of CB Richard Ellis (CBRE) as exclusive leasing agent as it moves full speed ahead with its big plans for the property.
“We have a longstanding relationship with CB Richard Ellis,” says Joseph A. Farkas, President and CEO of Metropolitan Realty Associates. “When it came down to selecting the company best equipped to handle a project of this size and caliber, CB Richard Ellis was the perfect partner.”
Richard Karson, Executive Vice President of CB Richard Ellis and head of the exclusive leasing team for 711 Stewart Avenue, which also includes Robert Seidenberg, David Zelinski and Daniel Brandel, says, “We believe that MRA’s commitment to redeveloping the 711 Stewart Avenue building will revitalize this property’s leasing activity at a very strong rate and fill the current vacancy quickly.”
He adds, “CB Richard Ellis is actively and aggressively reaching out to all potential users, informing them about the building’s redevelopment and its versatility of use. We are confident that we will be able to drive occupancy and have already begun receiving great feedback from prospect tenants.”
Farkas says that the property’s “unique” attributes speak for themselves and provide a great foundation for attracting new tenants. The 335,000 square foot one and two-story building is directly adjacent to the Roosevelt Field Mall and easily accessible from the Meadowbrook Parkway. With more than 200,000 square feet of available space for lease, most of which is contiguous on one floor and deliverable immediately, the building virtually stands alone among comparable Nassau County properties in its ability to efficiently accommodate large users. Highly versatile and multi-functional, the available space can be optimally configured for office, medical office and retail users, who will have the opportunity to occupy space newly constructed to meet their individual requirements.
In support of CBRE’s leasing effort, MRA has engaged design, engineering and construction consultants to help formulate a major capital improvement program, which will be most effective in upgrading the look and feel of the property while maximizing its functionality. As a precursor to this project, MRA has already developed a signature brand name for the property, “Garden City Square,” which Farkas believes will best reflect the new image portrayed as a result of the upgrades.
MRA along with its equity partner, New York City-based Angelo, Gordon & Co., acquired 711 Stewart Ave. in May 2010 through two simultaneous off-market transactions with lender Guardian Life Insurance Company, and Yonkers, N.Y.-based AVR Realty, who had owned the property since 1981.
MRA’s $15 million ($45 per square foot) acquisition of 711 Stewart Avenue was executed at a significant discount to market prices, especially considering its marquis location, and represents the largest office property transaction in Garden City since 2008.
Metropolitan Realty Associates LLC owns more than one million square feet of office space on Long Island, including the Business and Research Center at Garden City, the Sunrise Business Center in Great River, NY, and the Jericho Atrium in Jericho, NY. It is also engaged in several high profile development projects in New York City and owns property in select markets across the country. More information about Metropolitan Realty Associates can be found on its Web site, www.metropolitanra.com.
Posted by News LI Editor · Filed Under Business
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