GARDEN CITY—Two high-credit tenants have renewed leases for medical office space at Garden City Square at 711 Stewart Ave. in Garden City, reinforcing the Metropolitan Realty Associates' plan to strengthen the multi-use complex’s position as a hub for medical service providers.
NRAD Medical Associates PC has committed to 13,500 sq. ft. in the center, and Endoscopy Center of Long Island renewed with a lease for 11,500 sq. ft.
NRAD provides magnetic resonance imaging, computerized tomography and general ultrasound services. Endoscopy Center of Long Island provides outpatient colonoscopy and endoscopy procedures.
Corporate National Realty brokers Frank Pagano Jr. and Daniel Wiener represented the Endoscopy Center of Long Island in its lease renewal. CB Richard Ellis represented the landlord and also arranged NRAD’s renewal for both parties. Richard Karson of CB Richard Ellis heads the exclusive leasing team for Garden City Square, working along with Robert Seidenberg, David Zelinski and Daniel Brandel.
Jericho-based Metropolitan Realty Associates is in the midst of a $35 million renovation and repositioning program for the 293,500-sq.-ft. retail and medical arts complex at 711 Stewart Ave. in Garden City. The company and its long-time equity partner, Angelo, Gordon & Co. LP, acquired the property in May 2010. As part of its repositioning and renovation, Metropolitan successfully negotiated a 10-year PILOT (Payment in Lieu of Taxes) with the Town of Hempstead Industrial Agency where real estate tax benefits are passed directly onto the tenants to help lower their initial costs of occupancy.