The Real Deal New York

LIC office building hits market seeking $90M

Firm seeks seven-fold return for former Model T plant it acquired in 2002
May 17, 2012 03:30PM

Brooklyn-based Hampshire Properties is hoping to generate $90 million for a Long Island City office building that was once an assembling plant for Ford’s Model T cars, Crain’s reported. The 500,000-square-foot building, at 33-00 Northern Boulevard, hit the market earlier this month and has already garnered interest from 100 potential buyers, according to Andrew Scandalios, a senior managing director at Holliday Fenoglio Fowler that’s marketing the property.

Hampshire acquired the property, called the Center Building, completely vacant 10 years ago for $12.6 million. It poured millions into renovating the eight-story building and eventually brought it to 100 percent occupancy. The largest tenant is the Metropolitan Transportation Authority, whose 133,000 square feet expires in two years.

Hampshire is “done with their business plan and ready to sell,” Scandalios said.

Crain’s noted that the neighborhood’s office sector has lured significant activity of late. JetBlue moved into new 200,000-square-foot headquarters at 27-01 Queens Plaza North earlier this year, and a Canadian REIT purchased Two Gotham Center for $415 million at the end of last year. [Crain’s]