LargaVista picks up LIC warehouse for $27M

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

New York /
Mar.March 16, 2017 11:35 AM

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.


Related Articles

arrow_forward_ios
Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)
Here’s what the $10M-$30M NYC investment sales market looked like last week
Here’s what the $10M-$30M NYC investment sales market looked like last week
SL Green’s director of leasing Steve Durels and One Vanderbilt. (SL Green, One Vanderbilt)
SL Green to offer flex offices at One Vanderbilt
SL Green to offer flex offices at One Vanderbilt
Katie Kurtz and Silverstein Properties chairman Larry Silverstein (Silverstein, Getty)
Silverstein Properties hires Katie Kurtz as new CFO
Silverstein Properties hires Katie Kurtz as new CFO
U.S. District Court Judge Dabney Friedrich (Senate/Chris Coons, iStock)
Judge strikes down federal eviction ban
Judge strikes down federal eviction ban
Sen. Brian Kavanagh and RSA President Joe Strasburg (Getty, Strasburg via Jeffersons Siegel)
Rent relief hinges on dwindling goodwill
Rent relief hinges on dwindling goodwill
Colliers International CEO Jay Hennick (Colliers, iStock)
Colliers’ acquisitions help boost company’s Q1 revenue
Colliers’ acquisitions help boost company’s Q1 revenue
The Howard Hughes Corporation CEO David O'Reilly (LinkedIn via David O'Reilly)
Howard Hughes’ (slightly less) big Seaport project approved
Howard Hughes’ (slightly less) big Seaport project approved
Maverick Real Estate Partners principal David Aviram and the buildings to be sold. (Rosewood Realty Group)
Part of Chaskiel Strulovitch’s Brooklyn portfolio to be sold at auction
Part of Chaskiel Strulovitch’s Brooklyn portfolio to be sold at auction
arrow_forward_ios

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

Loading...