Metropolitan scores a bargain with $25m 'Jericho Jewel'.

Real Estate Weekly | August 8, 2007 | Copyright

Metropolitan Realty Associates LLC, along with equity partners Angelo Gordon & Co. and Belvedere Capital, has purchased The Jericho Atrium, in Jericho, NY, and two other properties in Mineola from Kimco Realty Corp. The acquisition will rank Metropolitan among the largest landlords on Long Island.

Industry sources Industry sources put the purchase price of the Jericho Atrium at less than $25 million, or $169 psf. Average asking rents in Jericho are $33 per square foot and up. Rents in the Jericho Atrium, according to industry sources, now average about $27 per square ...

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