Metropolitan Realty Associates sells vacant site for $750,000

Metropolitan Realty Associates LLC has started 2008 with a bang. Little more than five months after acquiring a vacant site in a prime Mineola location, Metropolitan has sold the property for $750,000 to Stuart Finz, a Jericho lawyer who plans to build offices on the site. The property at 400 Jericho Tpke., formerly owned by the Birchwood Organization and once home to a gas station, totals about 14,000 s/f, or just under one-third of an acre. It is close to the intersections of Jericho Turnpike, Glen Cove Rd. and Northern State Parkway. "This is an outstanding development site in a well-located, nearly impossible to duplicate, Nassau County location," said Joseph Farkas, president of Metropolitan. "I anticipated it would sell quickly and we had tremendous activity from the marketplace." Metropolitan Realty Associates and its equity partners acquired the site as part of a multi-property transaction in July 2007 with Kimco Realty Corp. that also included the adjacent 6,800 s/f Birchwood office building at 410 Jericho Tpke. and The Jericho Atrium, 500 N. Broadway, Jericho. The Mineola office building also is available for purchase. Jeremy Isaacs of Ripco Real Estate Corp represented Metropolitan in the transaction. The buyer was represented by Ross Selinger of ITRA Realty Group/Selinger Enterprises, Inc.