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Sunrise Business Center sold for $50M
The Sunrise Business Center in Great River has been sold for $50 million, the parties announced Friday. The Manhattan-based Feil Organization bought the 388,500-square-foot center from Jericho-based Metropolitan Realty Associates Llc and Angelo, Gordon & Co. Lp, an investment firm, also based in Manhattan.
Metropolitan Realty Associates said in a news release that the center’s four interconnected buildings are 98 percent occupied. The property benefits from a tax subsidy in the form of a 15-year payment in lieu of taxes agreement with the Islip Industrial Development Agency.
The Feil Organization owns and manages residential and commercial properties in New York, Illinois, Florida, Louisiana and Indiana.