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GARDEN CITY, NY-A joint venture has acquired a 190,000-sf, two-building campus here on 7.55 acres. Bellmore-based Metropolitan Realty Associates LLC and its long-time joint-venture equity partner, New York City-based Angelo Gordon & Co., spent nearly $7.4 million for the former Bristol-Myers Squibb Pharma Co. corporate campus known as a "Fortress for Pharmaceuticals" by architectural publications at the time it was completed in 1964.

Joseph Farkas, president of Metropolitan, says the firms plan to redevelop the site to bring back 400 or so jobs to the community in the Nassau County section of Long Island. Metropolitan plans to turn the property from a single-user facility in order to attract multiple tenants including businesses seeking office, warehouse, distribution and manufacturing space as well as turnkey wet laboratory space.

The property, which is located at 1000 Stewart Ave., and an adjacent 25,000-sf, freestanding research and office building at 500 Endo Blvd. have been renamed the Business and Research Center at Garden City. "It is not a generic office or industrial property and at $38 per sf it offers the opportunity to create substantial value for me and my partners," Farkas says. The Town of Hempstead Industrial Development Agency has granted Metropolitan a Pilot program incentive that will put taxes at $2.37 per sf.