Joseph Farkas is President and Founder of Metropolitan Realty Associates “MRA” a privately held national real estate investment and development firm established in 2001. With over 27 years of hands on real estate operating expertise including development, leasing, management, construction and financial underwriting experience, Farkas has successfully guided MRA’s investment and development activities in over $750 million of commercial, residential and retail projects focusing on opportunistic investment through ground up development, adaptive reuse and leasing strategies.
Most recently on Long Island, MRA completed the acquisition, redevelopment, and condominium conversion of 711 Stewart Avenue, Garden City, NY, a 335,000 sf mixed use property. The project was leased to BJ’s Wholesale Club, LAFITNESS, various medical users and all of the condominium units were subsequently sold in 2013 for $84 million. In addition, MRA successfully redeveloped the former 400,000 square foot Long Island Technology Center in Great River, NY constructing a new 161,000 sf office building and leasing over 225,000 sf of existing space. In 2013 MRA sold the project, renamed SUNRISE BUSINESS CENTER for $50,000,000.
Currently, MRA is completing their largest development to date in Riverdale, NY. After acquiring the former Stella D’Oro Cookie factory, a new 162,000 sf destination retail center is being constructed. A long term lease has been signed with BJ’s Wholesale Club and various national retailers including Petco, Bank of America, Buffalo Wild Wings, Chipotle, Subway, Smashburger, T-Mobile and CityMD. The project is 98% pre-leased and scheduled to open in July 2014.
To date, MRA has invested in and developed projects comprised of over 2 million square feet of property.
MRA’s work has been recognized on numerous occasions including:
- Mixed Use Developer of the Year 2007 Long Island Business News
- Mixed Use Developer of the Year 2009 Long Island Business News
- Mixed Use Developer of Year 2010 Long Island Business News
- Recognized for Largest Retail Deal of the Year 2011 Long Island Business News
- Recognized for Largest Office Deal of the Year 2011 Long Island Business News
- Recognized for Largest Office Sale of the Year 2011 Long Island Business News
- 2010 NYC Curbed Architecture Building of the Year
- 2007 Consulting Specifying Engineer Award for MEP Major Retrofit Project
- 2008 Long Island Development Council Award for Major Adaptive Use Project
- Listed as one of the Top 20 Under 40 “New York City Movers & Shakers” by New York Post
- Listed as one of the top 30 under 40 “Rising Real Estate Stars” by New York Real Estate Mag
Joseph Farkas resides in Garden City, New York with his wife Michelle and two daughters, Stefanie 12 and Kimberly 11.