The Real Deal New York

LargaVista picks up LIC warehouse for $27M

Property sits a short walk from Tishman Speyer’s planned 1.1M sf office complex

Marcello Porcelli and 30-12 41st Avenue (Credit: Google Maps)

UPDATED, March 16, 2017, 3:42 p.m.: Marcello Porcelli’s LargaVista Companies bought a 50,000-square-foot warehouse in the Queens Plaza North section of Long Island City for $27 million.

The Midtown-based development firm picked up the four-story warehouse at 30-12 41st Avenue for $27.1 million, property records filed with the city Thursday show. The purchase price for the 46,808-square-foot building works out to nearly $578 per square foot.

A representative for LargaVista was not immediately available for comment. The seller, an LLC managed by Leon Kassabian, had owned the property since 1996, when it bought the property for an undisclosed price, records show.

The property is just a short walk away from where Tishman Speyer plans to build a 1.1 million-square-foot office complex nearby at 28-10 Queens Plaza South.

While investors tightened the purse strings last year, buyers have increasingly turned to Queens – and in particular Long Island City – in search of values.

Metropolitan Realty and TIAA recently teamed up on their second acquisition in the neighborhood, paying $55 million – or $215 per square foot – to buy a 256,000-square-foot warehouse further east on the other side of Sunnyside Yards at 48-49 35th Street.

LargaVista, meanwhile, is partnering with the Related Companies to develop an 83,000-square-foot office-and-retail building on the site of a former BP gas station the company owns at 300 Lafayette Street.

CBRE’s Dan Kaplan, Tim Sheehan, Josh Kleinberg and John Reinertsen represented the seller.