Fonar Corporation Inks Lease Renewal Reaching Half Century with Rechler Equity Partners

Rechler Equity Partners, the largest owner of commercial real estate on Long Island, has announced that Fonar Corporation, the world’s leading developer and manufacturer of MRI scanners, has signed an 11-year, 78,240-square-foot lease renewal at 110 Marcus Drive in Melville, NY. The announcement was made by Rechler Equity Partners’ Mitchell and Gregg Rechler.

Fonar Corporation revolutionized diagnostic imaging in 1980 through the introduction of the world’s first commercial MRI scanner and soon after moved to 110 Marcus Drive. One of Rechler Equity Partners’ premier hybrid buildings, the property offers Fonar research, fabrication, manufacturing, and warehouse capabilities along with office space and a diagnostic imaging center. Fonar had been looking to relocate due to tax burdens but was able to remain at the Rechler Equity property after the Suffolk County Industrial Development Agency granted the company property tax incentives for the next decade.

“We have been honored to count Fonar as a tenant at 110 Marcus Drive for 35 years and are thrilled that this major employer will remain on Long Island and with Rechler Equity Partners for at least another 11 years,” remarked Mitchell Rechler. “Under the guidance of MRI pioneer Dr. Raymond Damadian, Fonar has been on the leading edge of innovation in the MRI industry and Rechler Equity Partners has been with them every step of the way, responding to their needs and forging a strong partnership that looks to span nearly half a century.”

For its part, Fonar appreciates being a Rechler Equity tenant. “Through changes in our industry and changes in the Long Island real estate market, one constant has been the knowledge that Rechler Equity is there for us,” observed Fonar President and Chairman Raymond V. Damadian, M.D. “We have turned to Rechler Equity over the years when faced with serious challenges and they responded with the solution that worked for us. Knowing that we can rely on Rechler Equity to professionally address property-related matters enables Fonar Corporation to concentrate on its advances in magnetic resonance imaging, including our Upright MRI.”

As part of the 11-year lease renewal, Rechler Equity will oversee a series of significant capital improvements at 110 Marcus Drive.

Rechler Equity Partners Director of Acquisitions & Leasing Ted Trias negotiated the lease renewal on behalf of the company, while Howard Nemshin, a partner at Atlantic Property Services, LLC, represented the tenant.

About Rechler Equity Partners
Rechler Equity Partners is the successor company to Reckson Associates, founded over 55 years ago by Donald and Roger Rechler. Today managed by Mitchell and Gregg Rechler, Rechler Equity Partners is the largest owner of commercial real estate on Long Island with a portfolio of assets totaling over 6.5 million square feet. Rechler Equity offers a wide range of services including leasing, property management, asset management, architecture, construction, environmental, finance and development.