Gural family’s GFP planning $240M biotech center in Long Island City

Landlord teams up with Boston’s King Street Properties on project near Amazon’s soon-to-be offices at One Court Square

New York /
Nov.November 20, 2018 03:30 PM

Eric Gural (red), King Street Properties’ Rob Albro (yellow) and 45-18 Court Square West (Credit: GFP Real Estate, King Street Properties, and Google Maps)

The Gural family is planning to build a $240 million biotech center in Long Island City, which – along with a certain Seattle-based e-commerce company – is emerging as destination for the city’s life-sciences and lab industry.

The Gurals’ GFP Real Estate has teamed up with King Street Properties – a leader in the Greater Boston-area’s biotech arena – to reposition an old warehouse near Court Square for lab and office space, according to an application seeking financial assistance for the project.

GFP co-CEOs Eric Gural and Brian Steinwurtzel will lease the building at 45-18 Court Square West alongside King Street Properties from Richard Scharf’s Abro Management, which bought the property in 2007 for $33 million, documents with the New York City Industrial Development Agency show.

Representatives for GFP and King Street could not be immediately reached for comment.

The 263,000-square-foot building sits within spitting distance of Long Island City’s iconic One Court Square office tower, where landlord Savanna last week announced it had signed a letter of intent to lease 1 million square feet in the building to Amazon as the toehold for its HQ2 headquarters in New York.

But even before the tech behemoth’s interest in Long Island City became public knowledge, the neighborhood started to show signs of becoming a hub for the Big Apple’s nascent biotech and life-sciences industries.

Alexandria Real Estate Equities, one of the largest science-focused real estate investment trusts in the country, paid $75 million in October to buy a 175,000-square-foot warehouse at 30-02 48th Avenue known as the Bindery, which sits further east of the Sunnyside Yards train tracks that separate Long Island City’s waterfront from its factory district.

It’s in that area where former industrial buildings like Savanna’s Falchi Building and Atlas Capital Group’s The Factory have attracted tenants such as Uber and J. Crew.

The Court Square project appears to be King Street Properties’ first in New York City. The Boston-based company and GFP are seeking exemptions on mortgage-recording and sales taxes on the project from the Industrial Development Agency, as well as an agreement to make payments in lieu of city property taxes.

Governor Andrew Cuomo and Mayor Bill de Blasio have committed incentives worth more than a combined $1 billion to plant the seeds for New York’s life-sciences industry, which lags far behind centers like Boston and San Francisco.


Related Articles

arrow_forward_ios
Blackstone's Ken Caplan (iStock; Blackstone)

Industrial now 36% of Blackstone’s RE portfolio

Industrial now 36% of Blackstone’s RE portfolio
Almanac Realty Investors managing director Matthew Kaplan (Almanac Realty; iStock)

Workforce housing investor gets $320M boost

Workforce housing investor gets $320M boost
Corcoran to sublet 50K sf in IBM Building

Corcoran to sublet 50K sf in IBM Building

Corcoran to sublet 50K sf in IBM Building
 Robert Morse, executive chairman of Bridge Investment Group, one of the major Opportunity Zone investors focusing on real estate.  (Bridge, Stanford)

Opportunity Zone investments got a boost in 2020

Opportunity Zone investments got a boost in 2020
333 Johnson Avenue with Royalton Capital’s Jin Lee, Sciame Construction's Frank Sciame and Normandy Real Estate Partners' Finn Wentworth (Royalton Capital, Sciame, Normandy)

Normandy sued by former partners for hiding Netflix deal

Normandy sued by former partners for hiding Netflix deal
Union Square Park to gain 2 acres in $100M plan (Getty_

Union Square Park to gain 2 acres in $100M plan

Union Square Park to gain 2 acres in $100M plan
Fabric co-founder, CEO Elram Goren (Getty, Elram Goren via LinkedIn)

Startup wants to bring “micro-warehouses” to vacant retail

Startup wants to bring “micro-warehouses” to vacant retail
Security around Trump Tower to be reduced after 45th POTUS leaves office. (Getty, The Trump Organization)

Fifth Avenue will look different after Trump leaves office

Fifth Avenue will look different after Trump leaves office
arrow_forward_ios

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

Loading...