Astoria Financial leases space in Jericho

Back in February, Lake Success-based Astoria Financial Corp. said its Astoria Federal Savings subsidiary had hired the multifamily/commercial real-estate lending team that had been with Sovereign Bank and its predecessor, Independence Community Bank, in Brooklyn.

This week, Astoria Financial announced it has decided to locate the team on Long Island, signing a long-term lease for 55,000 square feet at One Jericho Plaza in Jericho.

Astoria Financial said its team of six real-estate executives will "spearhead" the banks' re-entry into multifamily lending in the New York metro area.

The deal is also the largest, in terms of square-footage, for Adam Rochlin, president of Jericho-based Rochlin Organization, the leasing agent for Jericho Plaza, since forming his own firm about two years ago.

The one thorn in the deal was that Bank of New York was leasing the space, although not occupying it. "We negotiated a buyout for them," Rochlin said.

Rochlin helped negotiate deals for some other big-name clients to take space at One Jericho, including Deloitte Llp, Nathan's Famous and Ernst & Young.

Astoria spokesman Peter Cunningham said the bank had exited the multifamily lending business when the financial crises struck in 2008.

"We chose not to get involved until the economy showed signs of improvement," Cunningham said. "We felt now is the right time."