Himmel & Meringoff Properties [TRDataCustom] has scooped up a 127,000-square-foot office and warehouse building in Long Island City for $25 million.
The firm just purchased 21-07 41st Avenue from Daniel Geoly, Crain’s reported. Leslie Himmel, co-managing partner at Himmel & Meringoff, told the website that the building will likely lure tech and science tenants once the nearby Cornell Tech campus opens on Roosevelt Island.
The deal expands the firm’s Queens portfolio, which includes a 200,000-square-foot building at 34-02 Queens Boulevard that the company bought in 1986.
“People always ask me, ‘how did you know to buy in Long Island City in the 1980s?’,” Himmel said. “We like to buy in emerging neighborhoods that we believe have upside.”
Most of the building is already leased up, but the firm is looking for tenant(s) to fill the 11,000 square feet of retail space available on the ground floor. [Crain’s] — Kathryn Brenzel
(To view more commercial sales transactions in Long Island City, click here)