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BRAVING YESTERDAY’S ISLAND RAIN

WASHINGTON DC 10.19.2017

THE FAIRFAX COUNTY STATE OF THE MARKET

Development Pipeline and Current Projects

Katherine Bonnafé -- Combined Properties
Greg Trimmer -- JBG SMITH
Alex Nyhan -- First Washington Realty
BRAVING YESTERDAY’S ISLAND RAIN
In honor of the unfortunately washed-out Bethpage Black yesterday, we faced Long Island downpours for a ribbon cutting and networking with the seemingly few real estate executives who didn’t head off to the U.S. Open.
BRAVING YESTERDAY’S ISLAND RAIN
First stop: Metropolitan Realty Associates’ opening of the 161k-SF Sunrise Business Center’s 300 Building on Sunrise Highway in Great River. Joining scissor-wielding Metropolitan prez Joseph Farkas were project partner Angelo, Gordon & Co.’s Adam Schwartz; Town of Islip planning commissioner Eugene Murphy; Islip councilmen Steve Flotteron and Christopher Bodkin; Angelo, Gordon’s Ronen Katz; and Islip director of economic development William Mannix (who zipped off to the Open afterward). The building was constructed on the site of a vacant electronics warehouse.
BRAVING YESTERDAY’S ISLAND RAIN
The CB Richard Ellis leasing team of Brian Cruz, Ryan Blaney,Ray Ruiz, and Marianne Dugan tell us there’s been significant interest, given the lack of Class A office product on the South Shore. With the new building comes the added option of medical space, which has high demand in the market. Tenants can qualify for NYS Empire Zone rebates, and the building is also part of the PILOT program. When Metropolitan purchased the other part of the complex three years ago, it was 50% vacant. It now boasts 92% occupancy.
BRAVING YESTERDAY’S ISLAND RAIN
Cushman & Wakefield’s Phil D’Avanzo, CB’s Robert Seidenberg, and The Rochlin Org.’s Adam Rochlin. Phil tells us that he’s selling the two-building, 116k-SF ADP portfolio at 536 Broadhollow Rd. in Melville, while Adam is expanding his firm’s 700k-SF owner rep platform, recently adding Hauppauge’s 30k-SF 200 Parkway Drive South to the marketing mix. (More Photos)