News: Long Island

Metropolitan Realty Associates leases 63,402 s/f

According to Metropolitan Realty Associates (MRA), the Suffolk County Department of Health Services-Administration has leased 63,402 s/f at Sunrise Business Center, to serve as its new headquarters in what is the largest office lease in Suffolk County this year. The health department's relocation from Hauppauge will bring Sunrise Business Center to 93% occupancy and validates Metropolitan's efforts to revitalize the 388,500 s/f business park that was less than 50% occupied at the time of its acquisition. The health department's new offices are in the 300 Building, the newest building of the three interconnected buildings redeveloped by Metropolitan. This deal increases Suffolk County's presence at the park. "The lease up of Sunrise Business Center is complete with our newest tenant, the Suffolk County Department of Health Services, and we welcome its long-term occupancy. We are thankful for the department's decision to relocate its headquarters to our project," said Joseph Farkas, president of Metropolitan Realty Associates, which is based in Jericho, N.Y. "Our project's success is directly related to the support received by the Honorable Phil Nolan, the supervisor of the Town of Islip, and the Industrial Development Agency. Supervisor Nolan recognized the opportunity to retain and create jobs in Great River and, as a result, over 2,500 employees will be working at the Sunrise Business Center. It is a tremendous accomplishment," said Farkas. Newmark Knight Frank's Brian Lee, Jack O'Connor and Daniel Oliver serve as advisor to Suffolk County and negotiated the lease for the tenant. Metropolitan Realty Associates was represented by David Leviton, Robert Kuppersmith and Marissa Karmitz of Cushman & Wakefield.
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The evolving relationship of environmental  consultants and the lending community - by Chuck Merritt

The evolving relationship of environmental consultants and the lending community - by Chuck Merritt

When Environmental Site Assessments (ESA) were first part of commercial real estate risk management, it was the lenders driving this requirement. When a borrower wanted a loan on a property, banks would utilize a list of “Approved Consultants” to order the report on both refinances and purchases.