Metropolitan Realty and Angelo, Gordon & Co. buy five-acre site for $18.5 million; To build retail development

A five-acre location in Riverdale will be the site of a new multi-tenant retail center. Joseph Farkas, president of Metropolitan Realty Associates, has acquired the site for $18.5 million, in a joint venture with long-time equity partner Angelo, Gordon & Co., LP. There are plans to construct two retail buildings totaling 162,000 s/f. The development, which allows for rooftop parking, will be called Riverdale Crossing. The property is the former site of the Stella D'Oro Biscuit Co. factory, which closed in late 2009 following the relocation of Stella D'Oro's manufacturing operations to Ohio. "We are keenly aware of the history of the Stella D'Oro factory, and that it's been a part of the fabric and heritage of N.Y.C. for a very long time," Farkas said. "Although we cannot save the former building, we are doing the next-best thing. We're developing a destination location that's going to employ a lot of people—perhaps more than were employed at the old factory. The community has been very receptive. We hope to enhance the economic viability of Riverdale and anticipate that the development will draw visitors and shoppers from Westchester and upper Manhattan." Wells Fargo provided acquisition and construction loan financing in the amount of $52 million. Keith Braddish, Marc Fischer and Jason Gaccione of CBRE represented Metropolitan Realty Associates as mortgage broker. Karl Brumback of Massey Knakal represented the seller, Brynwood Partners of Greenwich, Conn. Established in 2001 by veteran estate professional Farkas, Jericho, N.Y.-based Metropolitan Realty Associates LLC is a national private real estate investment and development firm. MRA utilizes its analytical, operational, construction, leasing and marketing expertise to implement investment strategies that create value for its investors while creating a first-class environment for its tenants and residents. The firm specializes in adaptive reuse investments in the New York metropolitan area. It owns more than 1 million s/f of office and retail space on Long Island, and also has important investments in development projects in N.Y.C., where it recently purchased 15 East 26th St. For further information, visit www.metropolitanra.com.