JOINT VENTURE SELLS GARDEN CITY SQUARE FOR $16.4M

GARDEN CITY, N.Y. — AG-Metropolitan 711 Stewart Avenue LLC, a joint venture of Metropolitan Realty Associates LLC and Angelo, Gordon & Co., has sold a 125,000-square-foot office/medical condominium unit at Garden City Square for $16.4 million. The buyer was Great Neck, N.Y.-based Benedict Realty Group. The property, which is 55 percent leased, was recently renovated and provides an infrastructure to meet the needs of office/medical tenants. Jeffrey Dunne, Steven Bardsley, David Gavin, Philip Heilpern, Richard Karson and Martin Lomazow of CBRE represented AG Metropolitan in the transaction. The CBRE team also procured the buyer, which was represented by Robert Watman. Garden City Square also includes two retail condominiums, the 121,000-square-foot BJ’s Wholesale Club and the 55,000-square-foot LA Fitness, which are currently under construction. The retail properties were sold in a separate transaction by CBRE in April for $66.3 million.