Farkas of Metropolitan Realty Associates closes on 75,000 s/f acquisition for $12.6 million

Bayport, NY Joseph Farkas, CEO and founder of Metropolitan Realty Associates LLC (MRA) has closed on the acquisition of three properties comprised of a vacant 75,000 s/f, single story cold storage/freezer facility and distribution center, as well as 11.5 acres of land located at 33 Rajon Rd. for $12.6 million. The building was formerly occupied by global baking giant, Europastry USA.

“In light of today’s tight industrial market, we are excited to acquire a prime cold storage facility with significant expansion potential. With the explosion of the food preparation and delivery service business across Long Island, this facility is ‘plug and play’ ready for the next operating business seeking fully functional cold food storage and distribution,” said Farkas. The site is located on the south side of Rte. 27 (Sunrise Hwy.) at the intersection of Nichols Rd., with access to Exit 62 of the Long Island Expwy.

The move-in ready cold storage facility has 40-ft. clear ceiling heights, a 35,000 s/f in-place freezer with full height racking, 11 loading docks and two drive-in doors, allowing a future tenant to begin operating immediately. MRA is also finalizing approvals with the town of Islip for the development of two class A, free standing industrial warehouse and distribution buildings totaling 172,000 s/f at the site.

MRA was represented in the acquisition by Doug Omstrom of JLL, Paul Schwartz, Esq. Adler & Stachenfeld and Anthony Guardino, Esq. Farrell Fritz. The seller was represented by Nick Gallipoli of Cushman & Wakefield of Long Island, Inc.