The Real Deal New York

Bedspread maker asking $95M for 4-acre Hollis site

The two large warehouses in Hollis were home to Ideal Toy Company for decades

May 13, 2016 04:00PM
By Mark Maurer Twitter_logo_blue copy

Hollis

184-10 and 184-60 Jamaica Avenue (inset: Pinnacle Realty’s Decio Baio)

Joe Pirrello’s Rodless Properties, an affiliate of bedspread and comforter manufacturer Rodless Decorations, is putting a 3.5-acre development site in Queens’ Hollis neighborhood on the market for $95 million, sources told The Real Deal.

The site is home to a two-building industrial complex called the Ideal Business Center. The buildings at 184-10 and 184-60 Jamaica Avenue collectively span more than 577,000 square feet. There is also a 100-car, 40,000-square-foot parking lot.

Both buildings were constructed as a printing plant – one in 1923 and the other in 1954. Most famously, they housed the now-defunct Ideal Toy Company from the 1940s through 1980, when Rodless acquired them. Ideal, the largest doll maker in the U.S. after World War II, produced the Rubik’s Cube and the Magic 8-Ball — both of which are now sold by other companies.

A Pinnacle Realty team led by Decio Baio, Fredric Stein and Paul Bralower is marketing the site as an opportunity to reposition the property as office or keep it as industrial.

The site is expected to officially hit the market next week, Baio said. The asking price comes out to roughly $165 per square foot.

Hollis-based Rodless has upgraded the buildings over the years, adding manufacturing tenants. Last year, the company constructed a 60,000-square-foot hydroponic greenhouse leased to Brooklyn-based agriculture company Gotham Greens. The buildings’ floor plates are as big as 100,000 square feet, according to marketing materials.

In nearby Jamaica, Long Island-based GTJ REIT is looking to sell the seven-acre MTA Bus Depot site. Sources said it is expected to sell for $140 million.

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