While Metropolitan principal Joe Farkas won't disclose the exactterms of the transaction, the price was "south of $12 million," hetells GlobeSt.com. A source close to the deal confirms the pricetag was" between $11.5 million and $12 million."
"This was actually a very fast deal," Farkas says. "We closedwith all cash in two months, which is very unique. Now we're in theprocess of finalizing our debt."
Metropolitan, a 5-month-old Long Island real estate firm andGordon, a New York City-based money-management group are planningimmediate upgrades at the three-building office complex, whichcomprises two three-story buildings and one two-story building.Built in 1983, the buildings, 700, 750 and 800 Veterans MemorialHwy., sit on 7.4 wooded acres.
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