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BJ's Wholesale Club Coming to E. Garden City

Expected to lease 121,000 square feet in revitalized property on Stewart Avenue.

Metropolitan Realty Associates announced today that it has obtained a $36.72 million loan from Mesa West Capital to convert a 335,000-square-foot commercial building at 711 Stewart Avenue in E. Garden City to a mixed-use project including retail, medical office and office.

Upon completion, retailer BJ’s Wholesale Club will occupy 121,000 square feet of the repositioned property, which has been renamed Garden City Square.

Jericho-based Metropolitan Realty Associates and its long-time equity partner, Angelo, Gordon & Co., LP, acquired the office building for $15 million, or less than $45 per square foot, through a note acquisition and subsequent negotiated transfer of the deed in May 2010.

The site covers more than 17 acres adjacent to Roosevelt Field Mall. The property was 43 percent occupied at the time of the acquisition.

CB Richard Ellis brokers Keith Braddish, Mark Fisher and Jason Gaccione arranged the first mortgage loan from Mesa West Capital, a privately held commercial real estate lender based in Los Angeles. Terms of the loan were undisclosed.

“Mesa West Capital understands that this property will be far more valuable as a part of the regional retail cluster already established by the mall next door. For this reason and the recently executed long-term lease by BJ’s Wholesale Club, they were very aggressive in pursuing and closing the transaction,” said Garden City resident Joseph Farkas, president of Metropolitan Realty Associates, who also noted that new retail tenant interest is significant and an additional two-story retail anchor is expected to be announced shortly.  

Built in 1947 as the General Bronze Corp. manufacturing plant and later used by Grumman to assemble components of Air Force jets, the building had been successfully redeveloped in 1984 into a mixed-use commercial facility including office, retail and medical office tenancies.

Drew Art Guy @ Sunflower Fine Art Galleries October 22, 2011 at 03:55 PM
Pretty sure this will not help the Village, its merchants or bolster our residents quality of life. Just another big box stupor store. The malling/mauling of Nassau county chugs along....
Bill Sweeney October 24, 2011 at 02:21 PM
While I agree with you in theory and I love our town and others like it, you have to also admit that the free market should be the ultimate driver of what businesses open and succeed or fail. If people want this, and they mostly see, to given the lines and revenues, then people should be able to have it. That's what America's all about. If people weren't happy, etc. then they would go out like so many big box stores have in the past 3-4 years. Small merchants needs to offer something different, unique, etc. to draw people away.
LJ October 26, 2011 at 07:41 PM
The "free market" will draw people from miles around....destroying the atmosphere and the air quality for the people who LIVE HERE, and who apparently have no say in the matter. Carefully not mentioned is the impact on the traffic situation, which is already both dangerous and horrendous on Stewart Avenue, especially at rush hour or hoilday shopping season. God help you if you live in the eastern part of Garden City and need an ambulance during Christmas shopping season----its a good bet you will be dead, as the whole area is gridlocked. I am not opposed to big box stores in their entirety. I am opposed to an oversaturation of them in one area. I don't think we need a new one less than a mile away from the one that already exists.
Bill Sweeney October 27, 2011 at 03:06 AM
So were you happy when the Lighthouse project died?
eliza August 26, 2012 at 02:57 PM
these people just talking stupid ,am happy that we gonna have a bjs store yeeeeahhhjj

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