Metropolitan Realty Associates enters new deal in LIC
Good news for Joe Farkas’ company
The company owned by Joe Farkas, Metropolitan Realty Associates, has made a new deal in Queens. MRA signed a 17,000 square feet tenant in a building he bought in March. This property is based in Long Island City and used to be owned by Matsil Bros. Nowadays, there are only 50,000 square feet vacant in the building. Furthermore, MRA has decided to re-name the property. The site is now called Commerce Lic.
This is another instance where the lease is quickly signed because tenants are in desperate need of industrial properties. Properties that are high quality have very low vacancy rate in the current market. This particular property has great infrastructure and the location is very appealing, especially for tenants that are new to Long Island City. Generally speaking, this model of tenant will use the space for manufacturing, distribution and on-site offices.
Farkas also entered a confidentiality agreement that prevents him from disclosing the “prime credit tenant” with whom he made a deal, but he was able to confirm that said tenant is a global communications equipment provider. This tenant will occupy a unit on the ground-floor with two loading docks. Other tenant in the space is shipping firm AirSea Packing. This company rents 100,000 square feet of space and is the largest tenant in the whole structure. There is space ready to be occupied in the third floor, which includes a loading dock and a freight car. Another perk in the property? A private surface parking lot with space for 71 cars.
Other transactions by MRA
MRA has a strong track record. The company specializes in reading the needs of a neighborhood and delivering exactly what they need. This is another deal they have made in LIC, but not the first. In March, they paid $55 million for a property based in 48-49 35th Street. In 2016, they also bought an industrial property in LIC a block away from what is now Commerce Lic. Furthermore, MRA was the one behind the development and lease of Riverdale Crossing in the Bronx. After the company redeveloped it, MRA sold the property in 2015 to a NYC pension fund for over $130 million. [Real Estate Weekly]