$39M Sale of Long Island Complex Complete

GARDEN CITY, NY-Just six years after purchasing a vacant pharmaceutical plant in Garden City, Metropolitan Realty Associates and Angelo, Gordon & Co. have sold the facility for a tidy profit. The 188,500-square-foot complex sold at auction last fall to real estate investor David Werner and Carlton Associates for $39.25 million, or $208 per square foot. The deal closed Thursday.

Joseph Farkas, president of MRA, tells GlobeSt.com that the sale was the result of the successful–and extensive–redevelopment of a no-longer useful building. “It was a gut renovation,” he says. “We brought the building back to its concrete slabs and foundations and exterior walls and rebuilt it. We got new mechanical systems, fire safety, plumbing, air conditioning, electric distribution–everything.”