Newmark, Olmstead to pay over $60M for LIC office building

Partners plan to renovate and operate the 225K sf property
May 10, 2016 08:32AM

Olmstead Properties and the Gural family’s Newmark Holdings are in contract to buy a large Long Island City office building packed with arts, design and media tenants.

The two firms agreed to pay over $60 million to three siblings led by Roger Kaufman for the 225,000-square-foot 43-01 22nd Street, Commercial Observer reported, citing sources with knowledge of the negotiations.

“Very often in buildings there is sort of the good side and then the not-so-good side. This doesn’t have a not-so-good side,” Eric Gural told the paper. “Every side of the building is attractive for office users. The views and the light are good all around. We like that consistency. It’s got big windows and high ceilings. We think the space is really conducive for the way people use space today.”

Reis Studios, which operates artists’ studios, is the six-story building’s largest tenant, leasing 90,000 square feet. Interior designer Christian Liaigre and Concept Press, a printing firm, also rent space at the building.

There’s currently about 50,000 square feet of space available at the property, including the entire fifth floor and much of the sixth. The partners plan to renovate the building’s lobby and replace the windows and elevators.

Newmark picked up another property in Long Island City late last year, paying $14.2 million for a development site at 10-27 46th Avenue. [CO]Ariel Stulberg