Metropolitan Realty Associates Develops New Home For Biotech, Life Sciences in Garden City, NY

New Yorks newest home for biopharmaceutical and clinical laboratory businesses offers turnkey state-of-the-art lab space; a central location in New York's most populous suburban county and competitive rents in an architecturally significant building.

GARDEN CITY, NY (PRWEB) October 5, 2005 - New York's newest home for biopharmaceutical and clinical laboratory businesses offers turnkey state-of-the-art lab space; a central location in New York's most populous suburban county and competitive rents in an architecturally significant building.

They all come together at the Business and Research Center at Garden City, the former corporate campus of Bristol-Myers Squibb Pharma now being redeveloped by Long Island-based Metropolitan Realty Associates and its New York City-based equity partner, Angelo, Gordon & Co.

"This is a unique property in a superior location in Nassau County," said Joseph Farkas, president of Metropolitan. "It is the ideal location for a company seeking ready-to-use wet-lab space, which is almost impossible to find on Long Island. Moreover, it offers easy highway access and close proximity to many hospitals, research institutions, the airports and Manhattan."

Nassau County Economic development officials agree.

"The availability of laboratory and office faculties that are suitable, desirable and affordable for developing companies is a priority among several issues of strategic importance to the long-term growth and sustainability of the life sciences industry," said Patrick Duggan, Nassau County Deputy County Executive. "The Business and Research Center will be another asset available to Nassau County to identify and attract the growing biotechnology and life sciences businesses that County Executive Tom Suozzi has said are the linchpin of his economic development efforts."

The Business and Research Center, at 1000 Stewart Avenue, Garden City, is comprised of two buildings totaling 190,000 square feet designed by noted modernist architect Paul Rudolph. The site, on 7.55 acres of land, includes 70,000 square feet of ready-to-use lab space. Taxes are just $2.37 per square foot due to a payment in lieu of taxes agreement with local officials. Corporate National Realty LLC of Woodbury, NY, is handling leasing for the facility.

Features of the facility that make it attractive to life sciences users include a built-in infrastructure to deliver nitrogen, helium and compressed air; a pure water system, HEPA filters hoods, Hamilton Safe Air Hoods and office space with support seating. "It's all ready to use," said Farkas.

The property, located in the heart of Nassau County near major highways, is just a 20-minute commute from New Yorks LaGuardia and John F. Kennedy International Airports and 30 minutes from Manhattan. One of the most highly skilled workforces in the country, an excellent educational system, and proximity to other research institutions in Nassau County make the site a favorable location for biopharmaceutical and healthcare related businesses.

Among other technological resources in the region are North Shore University Hospital, Winthrop University Hospital, Cold Spring Harbor Laboratory, the Boaz-Marks Biomedical Research Center, Stony Brook University and Brookhaven National Laboratory.

The property, originally designed as the world headquarters, laboratory and manufacturing plant of Endo Pharmaceuticals, is one of only a handful of works on Long Island designed by the well-known modernist architect Paul Rudolph. After Endo was sold in 1969 to E.I. du Pont de Nemours and Co., the building continued to be used as a pharmaceutical plant until about two years ago by a succession of companies that included DuPont Pharmaceuticals and Bristol-Myers Squibb Pharma. The building never previously has been available for lease to a variety of tenants.

Long Island is home to a vibrant life sciences community that includes more than 300 companies, according to the Long Island Life Sciences Initiative, a trade association based in Stony Brook, New York. Twenty percent of Long Island's 50 largest public companies are life science firms and represent more than $6.2 billion in annual revenues. In addition, 16 of Long Island's 50 fastest growing technology firms are life science companies.

The core life sciences industry on Long Island is comprised of pharmaceutical, biotechnology, medical device, nutriceutical and personal care companies that research, develop, manufacture, sell or distribute therapeutic, diagnostic, or research products and services based on the scientific principles of biology, chemistry and biomedical engineering that are meant to improve health care and enhance quality of life. The broader life sciences community also includes academic research institutions that foster innovation, clinical research and diagnostic centers that facilitate product development and testing, as well as educational institutions that provide pertinent training for a skilled workforce.

Metropolitan is a national real estate investment and development firm established in 2001 by Farkas, a well-known real estate industry veteran. Angelo Gordon & Co. is a $10 billion money management firm with $4 billion in real estate assets.

For more information on the property contact Corporate National Realty at (631) 364-2900 or visit www.businessandresearchcenter.com.

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