Metropolitan Realty, Angelo Gordon Acquire Ronkonkoma Industrial
Metropolitan Realty Associates (MRA) and Angelo Gordon have acquired two industrial properties in Ronkonkoma, NY for $28.3 million. Located at 195 13th Ave. and 2175 5th Ave., the properties are both single-tenant, single-story industrial assets with a combined square footage of 135,000 square feet.
Both acquisitions are part of MRA’s and Angelo Gordon’s $50 million programmatic venture, which is focused on industrial assets in the Long Island market.
“We believe the recent pullback in capital markets has created an opportunity to deploy equity into top tier, supply-constrained industrial markets at attractive pricing levels,” said Joseph Farkas, CEO and founder of MRA. “The Suffolk County industrial market has seen its vacancy rates shrink to below 3% over the past 12 months, with rental rates rising by more than 30% to $16.00-per-square-foot-net during the same period.” In particular, Ronkonkoma’s vacancy rate stands at just 2.5%.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).