700 Gotham Pkwy. in Carlstadt — Courtesy: Key Properties LLC
By Joshua Burd
A flooring specialties distributor has renewed its 34,000-square-foot lease at a Bergen County industrial building, according to landlord Key Properties LLC.
The building owner announced that Michael Halebian & Co., a third-generation company, recommitted to its space at 700 Gotham Pkwy. in Carlstadt. The firm has been a tenant at the 80,000-square-foot building for 20 years.
“Lease renewals reflect tenant satisfaction, which makes them particularly gratifying,” said Marc Schlussel, Key Properties’ co-managing partner. “We have enjoyed a long and successful relationship with Michael Halebian & Co. and are pleased the company has elected to renew its commitment to 700 Gotham Parkway.”
Michael Halebian & Co. is headquartered nearby on Washington Avenue in Carlstadt.
“It is a pleasure doing business with the Key Properties’ team,” said Michael Halebian Jr., the firm’s CEO and president. “The company principals are professional, efficient and manage a first-class operation. We look forward to continuing our tenancy at 700 Gotham Parkway.”
Key Properties purchased 700 Gotham Parkway as an abandoned former paint manufacturing facility in 1997 and renovated the building to convert it from single- to multitenant use. The property now serves tenants seeking proximity to New York City and routes 120, 17 and 46, along with the New Jersey Turnpike, Garden State Parkway and Teterboro Airport.
“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,” Schlussel said. “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.”