The Real Deal New York

Scott Rechler’s RXR buys Muppets site for $110M

Standard Motors Building in Long Island City nearly a century old
June 24, 2014 03:20PM

Scott Rechler’s RXR Realty paid $110 million for a 315,000-square-foot warehouse-like building in Long Island City that is home to Muppet empire the Jim Henson Company.

The six-story building at 37-18 Northern Boulevard is referred to as the Standard Motors Building because car engine parts have been manufactured there for 95 years. In 2012, urban farm Brooklyn Grange sought to open five locations in addition to the 40,000-square-foot one they operate atop the building, as previously reported.

The sales price is nearly triple what Acumen Capital Partners paid in 2008 — $40 million.

Last week, RXR and partners acquired 530 Fifth Avenue in Midtown East for nearly $600 million, as previously reported. [Crain’s]Mark Maurer