Madison Realty Capital beds down in Queens with $78M deal

3.5-acre site in Hollis caters to industrial and manufacturing tenants

TRD New York /
Feb.February 27, 2017 01:00 PM

Madison Realty Capital’s Joshua Zegen and 184-10 Jamaica Avenue (Credit: Chance Yeh and Pinnacle Realty)

Madison Realty Capital is in contract to purchase a 3.5-acre property in Queens’ Hollis neighborhood for $78 million, sources familiar with the transaction told The Real Deal. The transaction would give them control of roughly 615,000 square feet of rentable office and industrial space, with tenants such as French Connection and Gotham Greens.

The seller, Joe Pirrello’s Rodless Properties, is an affiliate of bedspread and comforter manufacturer Rodless Decorations. Rodless put the complex at 184-10 and 184-60 Jamaica Avenue, once home to the Ideal Toy Company, on the market in May, asking $95 million.

Pinnacle Realty team led by Decio Baio, Fredric Stein, Steve Nadel and Paul Bralower is brokering the deal, sources said.

Representatives for Madison TRData LogoTINY declined to comment. The company plans to upgrade both buildings and continue to cater to industrial, office/industrial and warehousing tenants, according to a source familiar with their plans. Madison has made several big bets on Queens over the last two years, both in the multifamily and commercial markets. The deals include an assemblage in Woodside and a large rental building in Rego Park. It also acted as a lender on a $125 million acquisition of a multifamily property in Elmhurst.


Related Articles

arrow_forward_ios
28 Liberty Street (Wikipedia)

Manhattan’s office leasing sees busiest month since January

Manhattan’s office leasing sees busiest month since January
Maison Kayser (Photo via Tools of Men via Flickr)

Maison Kayser may bid New York adieu

Maison Kayser may bid New York adieu
Newmark’s Brian Waterman with 7 Hanover Square (Google Maps, Twitter)

Newmark nabs REBNY prize for deal with NYC Health + Hospitals

Newmark nabs REBNY prize for deal with NYC Health + Hospitals
The legislation from a City Council member introduced a bill to temporarily repeal the commercial rent tax for businesses during the Covid-19 state of emergency. (Getty, iStock)

Commercial rent tax cut introduced in City Council

Commercial rent tax cut introduced in City Council
Michael Rudder, James Nelson, 141 Wooster Street and 633 Third Avenue (Google Maps)

The Outlook: Industry experts break down Manhattan’s office condo market

The Outlook: Industry experts break down Manhattan’s office condo market
Peter Nicoletti and Colliers' David Amsterdam

Colliers taps JLL’s Peter Nicoletti to lead capital markets

Colliers taps JLL’s Peter Nicoletti to lead capital markets
City Council member Keith Powers (Getty)

Pol, biz groups: Suspend rent tax, extend outdoor dining

Pol, biz groups: Suspend rent tax, extend outdoor dining
Only 9 percent of workers had returned to Midtown and 8 percent to Downtown. (iStock)

Where is everybody? City workers still home

Where is everybody? City workers still home
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...