Metropolitan Realty Associates LLC secures $32.8 million refinancing

Nanuet, NY Metropolitan Realty Associates LLC (MRA), led by CEO and founder Joseph Farkas, has secured a $32.8 million refinancing for its retail property at 5101 Fashion Dr., known as RTL Nanuet. The loan was provided by IDB Bank and replaces an existing $22.9 million loan on the asset.

MRA acquired the former Macy’s building in December 2018 for $11.2 million and has since completed a comprehensive repositioning of the 218,000 s/f property, transforming the former single-tenant department store into a diversified, income-producing asset.

“This refinancing validates the value we’ve created since acquiring the property,” said Farkas. “By reconfiguring the asset into multiple revenue streams and attracting strong national tenants, we’ve repositioned the property to perform in today’s retail environment.”

The refinancing incorporates the full scope of improvements made to date, including the conversion of the building into separate commercial condominium units and the creation of multiple revenue streams across retail, self-storage, and outparcel restaurant uses.

Recent leasing activity has further strengthened the asset’s performance, highlighted by a newly executed 10-year, 35,500 s/f lease with Best Buy. In addition, MRA developed a freestanding Popeyes Louisiana Kitchen on the property, further activating the site and enhancing its consumer draw.

The property also includes an 865-unit self-storage facility on the second floor, currently 90% occupied and currently undergoing a further expansion to meet the growing demand for storage facilities with the right mix of unit sizes. The facility is being operated by Storage King USA.

Approximately 60,000 s/f of retail space remains available for lease on the ground floor. Royal Properties serves as the exclusive leasing agent for the property, with David Landes and Zach Landes leading leasing efforts.

“The new financing reflects both the scale of the transformation and the strength of the underlying asset,” said Farkas. “By reimagining a former department store as a multi-tenant, multi-use asset, we’ve created a property that is well-positioned to meet current market demand and generate long-term value.”

Located adjacent to the Shops at Nanuet, the property benefits from strong regional access, high visibility, and co-tenancy with major national retailers, making it a highly attractive destination for both tenants and consumers.