The Real Deal New York

Atlas Capital offers stake in Long Island City property

Investment firm paid $82M for the property last year
September 10, 2014 08:00AM

A stake in a 1 million-square-foot Long Island City office building is up for grabs.

Atlas Capital has retained CBRE Group to market an ownership stake in the Factory Building at 30-30 47th Avenue, sources told Crain’s. Property prices in the area are on the rise following a slew of office building sales, according to the website.

Atlas Capital 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 previously reported. The property was valued at $102 million at the time.

In June, Scott Rechler’s RXR Realty paid $110 million for the Standard Motors Building at 37-18 Northern Boulevard, Crain’s previously reported. [Crain’s]Tom DiChristopher