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