The Real Deal New York

Invesco takes minority stake in LIC’s Factory Building

Atlas Capital to retain majority interest in 1 million-square-foot office property

November 12, 2014 04:12PM

30-30

30-30 47th Avenue in Queens and Invesco’s Martin Flanagan

Invesco has taken a 49 percent minority stake in a 1 million-square-foot Long Island City office property known as the Factory Building for roughly $175 million.

Atlas Capital will continue to hold a majority stake at 30-30 47th Avenue. A CBRE team represented Atlas in the deal.

Real estate insiders said the expected selling price of $175 million is based on pricing for office properties in the neighborhood

Atlas purchased the building from property investor Mark Karasick last October, paying $5 million through a deed-in-lieu and $77 million for the first mortgage, as The Real Deal reported. The property was valued at $102 million at the time. [Crain’s]Mark Maurer

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