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New Firm Buys 128,000-sf Long Island Office Complex

MELVILLE, NY-A new real estate firm's first purchase is a three-building office complex acquired in an all-cash deal that took exactly two months to complete.

By Glen Thompson | Updated on October 01, 2001

MELVILLE, NY-Newly established firm Metropolitan Realty Associates and partner Angelo Gordon & Co. signed the final papers for the purchase of the Woodlands office park Friday afternoon. Closing on the 128,000-sf complex took place exactly two months from the first walk-through.

While Metropolitan principal Joe Farkas won’t disclose the exact terms of the transaction, the price was “south of $12 million,” he tells GlobeSt.com. A source close to the deal confirms the price tag was” between $11.5 million and $12 million.”

“This was actually a very fast deal,” Farkas says. “We closed with all cash in two months, which is very unique. Now we’re in the process of finalizing our debt.”

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