The 10 biggest Queens deals in Q2 2018

The Factory Building topped the list at a $400M price tag

New York /
Aug.August 06, 2018 08:30 AM

The Factory at 47-07 30th Place and 46-06 57th Avenue (Credit: Google Maps)

A massive office sale in Long Island City took the top spot in Queens during the second quarter of the year.

Square Mile Capital sold off its stake in the neighborhood’s Factory Building at 47-07 30th Place to Atlas Capital Group and Partners Group for $400 million, the largest deal of the quarter by a margin of almost $140 million, according to data from Real Capital Analytics. Other notable deals included Treetop Development’s sale of a multifamily portfolio in Queens to A&E Real Estate and American Realty Advisors’ $262.5 million purchase of a FedEx warehouse site in Maspeth.

Four of the top 10 largest deals were residential sales, while the remaining six were split between two development sites, two general sites, one office site and one industrial site.

The deals were worth about $1 billion overall, much higher than the first quarter’s total of about $358.4 million and the fourth quarter of 2017’s total of about $540.4 million.

The full list of Queens’ top 10 deals for the first quarter is below:

1. 47-07 30th Place, $400 million
Buyer: Partners Group, Atlas Capital Group
Seller: Square Mile Capital
The largest deal in Queens last quarter was Square Mile Capital selling its stake in Long Island City’s Factory Building for $400 million. Square Mile and Atlas used to own a combined 51 percent stake in the building, which spans about 1 million square feet. Atlas kept its interest and bought out Square Mile by partnering with Partners Group, an asset manager. Inveso Real Estate owns the remaining 49 percent of the office and retail building. Tenants include Polo Ralph Lauren and Macy’s.

2. 46-06 57th Avenue, $262.5 million
Buyer: American Realty Advisors
Seller: SunCap, Zirinsky Family
American Realty Advisors closed on this roughly 350,000-square-foot site FedEx warehouse site in May. The industrial real estate owner Prologis was initially planning to buy the site for $265 million, but its bid fell through due to a decline in the company’s share price, after which American Realty Advisors stepped in.

3. 11-12 30th Drive, $83.3 million
Buyer: Cape Advisors, Wainbridge
Seller: Criterion Group LLC
Shibber Khan’s Criterion Group sold its development site in Astoria to Cape Advisors and Wainbridge in April. Criterion had purchased the waterfront site in 2014 for $57 million and was looking for financing to build a project on the site with 711 units. The company is now facing a lawsuit from Greystone EB-5 and the Bassuk Organization, who claim Criterion backed out on almost $230 million of construction financing for the project.

4. 94-26 56th Avenue, approximately $56.5 million
Buyer: Zara Realty
Seller: Treetop Development
Treetop Development sold this apartment complex in Elmhurst to Zara Realty in April. The property contains 164 rental units and three commercial units, and Treetop had bought it in 2016 for $40.7 million. Zara plans to make several renovations to the property, including new facades, doors and a new roof.

5. 132-25 Maple Avenue, approximately $51.1 million
Buyer: A&E Real Estate
Seller: Treetop Development
Treetop Development sold a six-building multifamily portfolio of Queens buildings to A&E Real Estate. The portfolio totals 428 apartments and about 375,000 square feet overall, and the priciest part of the deal was for 132-25 Maple Avenue in Flushing, which stands six stories tall with 180 units across two buildings. A&E plans to hold onto the properties for 20 or 30 years.

6. 132-57 and 132-61 Sanford Avenue, approximately $40.4 million
Buyer: A&E Real Estate
Seller: Treetop Development
This Flushing property, also part of the Treetop portfolio, stands six stories tall with 126 units. It is known as Sanford Terrace.

7. 41-40 Denman Street, approximately $36 million
Buyer: A&E Real Estate
Seller: Treetop Development
The final building in the Treetop portfolio to crack the top 10 was at 41-40 Denman Street in Elmhurst, known as Denman Gardens. The building stands six stories tall with 122 units.

8. 37-11 30th Street, approximately $33.3 million
Buyer: Slate Property Group, Avenue Realty Capital
Seller: The Estate of Robert W See, See Factor Industry Inc
Slate closed on this development site in Long Island City in April. The company is planning a seven-story rental project with about 200 units at the site and purchased it as part of an estate sale for Bob See, who died in 2015. The site spans 30,000 square feet but has 200,000 buildable square feet.

9. 144-27 Sanford Avenue, $27 million
Buyer: Xin Xiang Lin
Seller: Property Reserve
Flushing investor Xin Xiang Lin bought this two-story Flushing building in May. The building was owned by the Mormon church and has about 84,000 buildable square feet.

10. 82-14 161st Street, $21 million
Buyer: Barone Management
Seller: Sisters of the Order of St. Dominic
The $21 million sale of this Jamaica site in June rounded out the second quarter’s top 10 list. The property spans about 59,000 square feet, and Barone Management is planning to build a charter elementary school and two new residential buildings on the site, which has more than 295,000 buildable square feet.


Related Articles

arrow_forward_ios
Central Queens Academy's Ashish Kapadia and United's Chris Jiashu Xu with a rendering of 88-08 Justice Avenue (Linkedin, iStock)
Charter school takes 85K sf in Queens condo building
Charter school takes 85K sf in Queens condo building
(IStock illustration by Kevin Rebong)
Smaller cities look to cash in on shift to remote work
Smaller cities look to cash in on shift to remote work
421-427 East 14th Street (Google Maps, iStock)
Stuy Town to get new 17K sf grocery store
Stuy Town to get new 17K sf grocery store
Photo illustration of Mayor Bill de Blasio as Uncle Sam (iStock, Getty/Illustration by Kevin Rebong)
NYC has $1.3B in unpaid property taxes
NYC has $1.3B in unpaid property taxes
Photo illustration of RXR Realty CEO Scott Rechler (Getty, iStock)
Office landlords offer no-wait Covid tests to lure workers back
Office landlords offer no-wait Covid tests to lure workers back
(iStock/Illustration by Alexis Manrodt for The Real Deal)
Manhattan job losses in Q3 worst of any large county in the US
Manhattan job losses in Q3 worst of any large county in the US
Rudin Management's Bill Rudin, 1675 Broadway and Gannett CEO Mike Reed (Getty, Google Maps, Gannett)
Gannett to move its NYC office two blocks north
Gannett to move its NYC office two blocks north
A rendering of the facility at 1029 Newark Avenue in Elizabeth, Fidelco chairman Marc Berson and Elberon Development Group chairman Ann Evans Estabrook (Photos via JLL, Fidelco and Elberon)
Cold storage facility in New Jersey gets $34M loan
Cold storage facility in New Jersey gets $34M loan
arrow_forward_ios

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

Loading...