For CBRE’s Keith Braddish and Mark Fisher—the two elder statesmen in the firm’s capital markets debt and equity finance division—the more fractured lending environment that has arisen out of the collapse of the CMBS market and the concurrent economic malaise has meant the opportunity to dazzle and shine.
In its heyday, the manufacturing plant in Garden City, Long Island, housed laboratories for DuPont Pharmaceuticals before it went on to harbor chemists with a competing drug maker, Bristol Myers Squibb. But by 2004, the 188,500-square-foot complex of two buildings on Stewart Avenue and Endo Boulevard—a street named for the pharmaceutical firm that originally occupied the plant in 1964—had become a casualty of new compliancy standards by the F.D.A. In other words, the cost of upgrading the complex to conform was no longer in the best interest of the owner or even Bristol Myers Squibb, which relocated.
Enter Joe Farkas, a former CB Richard Ellis broker who, as president of the Jericho-based Metropolitan Realty Associates, has mined real estate gold from older assets, like the Garden City site, that have outlived their original use.