MRA has acquired $12.6 million industrial site

Bayport, NY Joseph Farkas, CEO and founder of Metropolitan Realty Associates LLC (“MRA”), has executed hard contracts to acquire 33 Rajon Rd. for $12.6 million. The site is made up of three tax lots, comprising approximately 11.5 acres, and is visible from Sunrise Hwy. The largest lot contains a 75,000 s/f, single-story industrial building, leased by Europastry USA.

MRA is currently developing plans to rezone and develop the sites, which assuming proper review and approvals, will include two freestanding, single-story industrial warehouse and distribution buildings containing approximately 172,000 s/f.

Farkas said, “We are excited to acquire a large, industrial development parcel with significant frontage along Sunrise Hwy. at a basis that makes new class A industrial warehouse development feasible. New construction continues to attract best-in-class users and top of market rental rates, despite rising construction pricing and supply chain uncertainty, making this a compelling investment.”

The 33 Rajon Rd. site is currently owned by WilJa Holding Corp. and Richlaine Enhancements LLC. Nicholas Gallipoli of Cushman & Wakefield of Long Island represents the seller and Douglas Omstrom of JLL represents MRA on the transaction.

Tags: Brokerage

Reprint

Previous Story Next Story

AmTrustRE completes $211m acquisition of 260 Madison Ave.

Manhattan, NY AmTrustRE has completed the $211 million acquisition of 260 Madison Ave., a 22-story, 570,000 s/f office building. AmTrustRE was self-represented in the purchase. Darcy Stacom and William Herring

Area 15 welcomes new tenant openings, signs more experiences coming

SABRE coordinates sale of six properties totaling 199,845 s/f

Polsinelli and Curcio of Compass arrange 22,000 s/f Urban Umbrella lease

Project REAP honored by ICSC for leadership and impact in Commercial Real Estate

READ ON THE GO

DIGITAL EDITIONS

Browse Now

Quick Hits

Owners Developers & Managers

Eight things every new NYC apartment board member should do in their first 100 days in office - by Yotam Cohen

Columns and Thought Leadership

Strategic pause - by Shallini Mehra and Chirag Doshi

Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent

Lasting effects of eminent domain on commercial development - by Sebastian Jablonski

The state has the authority to seize all or part of privately owned commercial real estate for public use by the power of eminent domain. Although the state is constitutionally required to provide just compensation to the property owner, it frequently fails to account

Behind the post: Why reels, stories, and shorts work for CRE (and how to use them) - by Kimberly Zar Bloorian

Let’s be real: if you’re still only posting photos of properties, you’re missing out. Reels, Stories, and Shorts are where attention lives, and in commercial real estate, attention is currency.

AI comes to public relations, but be cautious, experts say - by Harry Zlokower

Last month Bisnow scheduled the New York AI & Technology cocktail event on commercial real estate, moderated by Tal Kerret, president, Silverstein Properties, and including tech officers from Rudin Management, Silverstein Properties, structural engineering company Thornton Tomasetti and the founder of Overlay Capital Build,