Wharton Equity snaps up LIC office building for $24M

Deal includes 34K sf of air rights

TRD New York /
Jan.January 20, 2017 12:05 PM

35-01 36th Street (inset from top: David Schechtman and David Junik)

Larry Cerullo and Steve Tallides, owners of the popular sports bar and event space Studio Square in Long Island City, sold a nearby office property at 35-01 36th Street for $24 million, or $538 a square foot, sources told The Real Deal.

The buyer is Wharton Equity Partners, the New York and Miami-based company headed by Peter Lewis and David Eisenberg.

The 44,600-square-foot property, a former factory across the street from Kaufman Astoria Studios, is home to the restaurant Tacuba Cantina Mexicana. It has about 12,300 square feet of ground floor retail, of which 5,300 square feet is vacant.

The sale also includes 33,600 square feet of air rights.

Pinnacle Realty’s George Margaronis and David Junik represented the buyer. Meridian Capital’s David Schechtman, Lipa Lieberman, Abie Kassin, and Richard Velotta represented the seller.

Wharton did not immediately respond to a request for comment on the company’s plans for the property. Junik said it was likely that it would expand the envelope of the building to include more creative office space in order to accommodate demand from tenants relocating from Manhattan.

“Because of Long Island City’s rapid expansion of residential neighborhoods, there is great need of additional retail supply,” Schechmtan said.

Related Article

Court Square Place at 24-01 44th Road in Queens and The New York Times' A.G. Sulzberger (Credit: Google Maps and Getty Images)

All the news that’s fit for Queens: NYT inks lease in Long Island City

Corcoran President & CEO Pamela Liebman (Credit: Corcoran, Getty Images)

Welcome to Queens: Corcoran opens first borough outpost

A rendering of Skyline Tower (Credit: Skyline Tower LIC)

A luxury development in LIC is to blame for viral subway flooding video: MTA

Clockwise from top left: 950 and 957 Woodycrest Avenue in the Bronx and 47-50 30th Street in Queens (Credit: Google Maps)

Here’s what the $20M-$30M NYC investment sales market looked like last week

5Pointz Towers and David and Gerald “Jerry” Wolkoff (Credit: CityRealty and Pixabay)

“We were always pro-artist”: Developer that knocked down 5Pointz wants to patch up relationship with NYC artists

Steel Haus at 41-32 27th Street in Long Island City

Brand new Long Island City rental tower in Opportunity Zone tower hits the market