News: Long Island

Metropolitan Realty Associates retains C&W LI for Sunrise Business Center

Metropolitan Realty Associates has retained Cushman & Wakefield (C&W) of L.I. as exclusive leasing agent for the Sunrise Business Center office complex. The C&W brokerage team, based in Melville, is headed by David Leviton, an executive director at C&W, and also includes Robert Kuppersmith, Marisa Karmitz and Zach Price. "This team has many years of experience in the marketplace and brings tremendous expertise and energy to the project," said Joseph Farkas, president of Jericho-based Metropolitan Realty Associates. Leviton has completed the successful leasing and marketing of properties totaling more than 4 million s/f since joining C&W in 1991, including one of the largest transactions in Long Island history, a 454,000 s/f lease for North Shore Long Island Jewish Hospital 1111 Marcus Ave. in Lake Success. "We're excited about working on this project and assisting Metropolitan complete the lease-up of this new building," said Leviton. Recently named the top commercial redevelopment project of 2009 by Long Island Business News, the Sunrise Business Center is comprised of three buildings totaling 388,500 s/f, at 3500 Sunrise Highway at Connetquot Ave. Since its acquisition of the property in 2006, Metropolitan has spent millions of dollars in upgrades and renovations and last year completed construction of the new 300 Building. The Sunrise Business Center offers a host of amenities, Empire Zone benefits and access to public transportation. Among tenants at the complex are Netsmart Technologies, T-Mobile, Motorola, Verizon, Metro Door, Aetna Life Insurance Co., A-C Tel, Hearst Business Media, Lessings Inc., Citizen's Bank, Schoenfeld Securities, Giambalvo, Giammarese & Stalzer, CPAs, P.C., University Support Services and the Suffolk County Department of Social Services Medicaid Division. Along with its economic competitiveness, the Sunrise Business Center provides tenants with such amenities as WiFi throughout the building, a full-service cafe and a conference center that can accommodate up to 300 people. The building also offers concierge and security services, onsite management, 24/7 access, access to various telecommunications and Internet service providers and abundant parking. Established in 2001, Jericho, N.Y.-based Metropolitan Realty Associates LLC is a national real estate investment and development firm, owning more than 700,000 s/f of office space on Long Island. Metropolitan Realty Associates owns the Business and Research Center at Garden City, in Garden City, NY, the Sunrise Business Center in Great River, N.Y., and the Jericho Atrium in Jericho, N.Y. It also has important investments in development projects in New York City and many other properties across the country.
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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.