MetroCapital Realty is a real estate development company, specializing in neighborhood shopping centers in the New York metropolitan area. We combine our retail experience with construction expertise to develop first-rate properties at high-traffic intersections that provide an exceptional shopping experience.
MetroCapital's Founder and Chairman, Jonathan Otto began his career in real estate development in 1979 not as a developer, but as a retailer. As the former President of Rock Bottom Stores, Mr. Otto operated 40 high-volume discount drug stores, many of which were developed by the company. Michael Korff, now President of MetroCapital, served as Rock Bottom's Senior Vice President of real estate and oversaw the retailer's strategy to locate, build, lease, and finance new sites. For the new locations, Mr. Otto and Mr. Korff sought high traffic shopping centers that would benefit from commercial re-development while creating value for local communities. At its peak, Rock Bottom developed and operated more than one million square feet of retail commercial and industrial space. In 1998, Mr. Otto sold Rock Bottom Stores to Duane Reade, now part of Walgreens. In a separate transaction the shopping centers were sold to Kimco Realty.
In 1999, Mr. Otto and Mr. Korff formed MetroCapital Holdings to develop first-rate neighborhood shopping centers in the metropolitan New York area. With their extensive background in retail, the team understands the importance of high traffic locations at prime intersections. MetroCapital ensures that retailers have the confidence in building construction, maintenance, and tenant selection to support their own sales and customer objectives.
With more than 30 years in real estate experience, Mr. Otto and Mr. Korff have assembled an exemplary team of architects, designers, and contractors who participate collaboratively on all projects. This extensive experience in working together – from conception to completed building – results in first-rate shopping centers with satisfied retailers, customers, and communities.
Today MetroCapital owns and operates ten shopping centers in the New York metropolitan area and two office buildings in the Palm Beach area of Florida.
Over the next several years, the company plans to sell the Florida properties and to expand its portfolio of New York metropolitan area shopping centers.
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