Metropolitan Realty Associates Secures New Full Building Long-Term Lease with Lumber Plus
Lease marks Lumber Plus’s first distribution facility in New York as asset quickly proves strong value in competitive Long Island based market
NEW YORK, NY – Joe Farkas, CEO and Founder of Metropolitan Realty Associates LLC (MRA), announces the successful execution of a 10-year lease for the entire 33,000 square foot building located at 2175 5th Avenue in Ronkonkoma, New York. The lease agreement was inked with Unitta ExotiqueWoods Corp., dba LUMBER PLUS, a distributor of high-end Brazilian woods and flooring products. The facility will open its doors during the second quarter of 2024, marking the first distribution facility for LUMBER PLUS in New York.
Metropolitan Realty Associates acquired the property for $6,375,000 in October 2022. At the time of acquisition, the building was fully occupied by aircraft metals manufacturer Alken Industries with a near-term lease expiration. Following Alken Industries’ departure, MRA repositioned the asset to attract a quality user that could take advantage of the building’s attributes including 18-foot ceiling heights, robust loading dock to floor area ratio and ample car and van parking, with more than 4,000 amps of power.
“While there was strong interest in leasing the building, MRA’s focus was on securing a full-building user committed to a long-term lease. LUMBER PLUS shared our vision,” said Farkas. “The strategic decision by LUMBER PLUS reflects MRA’s dedication to delivering optimal solutions for tenants seeking quality existing industrial space while maximizing the potential of our real estate investments.”
The Long Island Cushman & Wakefield leasing team including Frank Frizalone, Executive Managing Director; Nick Gallipoli, Managing Director; Thomas Deluca, Managing Director; John Giannuzzi, Senior Associate; and Ryan Korzekwinski, Associate represented the Landlord and the Tenant in this transaction.
The acquisition of 2175 5th Avenue was part of Metropolitan Realty Associates’ $50 million strategic equity investment in Long Island industrial real estate assets. The portfolio includes an additional five assets across Suffolk County, showcasing a commitment to Long Island’s growing industrial real estate market.
“The lease signing marks the efficient repositioning of the asset at 2175 Fifth Avenue and reaffirms the strong market fundamentals on Long Island, both of which were key factors contributing to 2175 Fifth’s status as a solid investment for the partnership,” said Farkas, who has over 37 years of real estate investment and development expertise.
About Metropolitan Realty Associates, LLC
Metropolitan Realty Associates LLC (MRA), established in 2001 by Joseph Farkas, CEO, and founder, is a fully integrated, private real estate investment company specializing in core, core-plus, and opportunistic investments in the New York metropolitan area. MRA creates outsized returns for its investors through joint venture partnerships with institutional investors and high net worth individuals, implementing investment strategies that prioritize first-class environments for its tenants.