The Real Deal New York

LIC warehouse that sold for $55M last year just traded for $72M

Metropolitan Realty and TH Real Estate sold the property to North River Company
December 20, 2018 10:05AM

MRA CEO Joseph Farkas and 48-49 35th Street (Credit: ICSC and Google Maps)

How hot is last-mile space in Queens? Metropolitan Realty Associates and TH Real Estate just made a tidy profit on the sale of a Long Island warehouse they bought in winter of 2017.

The property at 48-49 35th Street sold for $72 million, Commercial Observer reported. The buyer is North River Company.

The sellers bought the property for $55 million in February of 2017. The 246,000-square-foot building was built in 1949 and previously housed clothing manufacturer the Matsil Bros., which bought it in 1978. Matsil closed in the 1980s but continued to lease the space to tenants until the 2017 sale.

Adam Doneger and Joshua King of Cushman & Wakefield brokered the sale for both sides.

“Thoughtful commercial space remains in limited supply in Long Island City and, with the rapid transformation that will follow the Amazon announcement and subsequent relocation, we expect forward-thinking companies will try to position themselves at the center of this development,” Joseph Farkas, the CEO and founder of MRA, said in a statement.

North River’s president Christopher Flagg said the company liked the building’s “industrial nature” and plans to fill it with industrial tenants. [CO] — Meenal Vamburkar