700 Gotham Parkway in Carlstadt — Courtesy: Key Properties LLC
By Joshua Burd
A flooring distributor is more than doubling its footprint at an 80,000-square-foot industrial building in Carlstadt, landlord Key Properties LLC announced Thursday.
The real estate investment firm said the tenant, Michael Halebian & Co., is taking an additional 35,000 square feet at 700 Gotham Parkway. The business currently occupies about 34,000 square feet at the property, which is off Route 17 and offers easy access to routes 120 and 46, the New Jersey Turnpike and other major thoroughfares.
“Key Properties is thrilled to announce Michael Halebian & Co. will renew its lease at 700 Gotham Parkway,” said Marc Schlussel, Key Properties’ co-managing partner. “The company’s expansion reflects its success and we are glad the timing aligned to accommodate their growth, while also allowing us to maintain our long and successful relationship.”
Key Properties, which is based in Teaneck, purchased 700 Gotham as an abandoned former paint manufacturing facility in 1997, giving way to renovations that transitioned the building to multitenant use. The property has maintained full occupancy since that time, anchored by the flooring specialties distributor.
“700 Gotham Parkway has been a home to Michael Halebian & Co. for over two decades,” said Michael Halebian Jr., the company’s CEO and president. “We value our ongoing relationship with Key Properties and look forward to continue working with them.”
Schlussel added: “When we acquired 700 Gotham Parkway, the building was in a state of disrepair, yet its excellent location and explosion-proof construction distinguished it as an opportunity with significant potential. This property also offers excess land, which provides tenants with generous on-site parking — a feature not typically found at industrial properties in the Meadowlands submarket.”