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

TRD New York /
Dec.December 20, 2018 10:05 AM

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


Related Articles

arrow_forward_ios
As the years go by_A look back at 17 years of real estate history

A look back at 17 years of real estate history

45-10 19th Avenue in Long Island City (Credit: Google Maps)

Broadway Stages plans another Queens film studio

250th Issue

The Real Deal celebrates 250 issues

Charney Construction and Development's Sam Charney and 45-03 23rd Street in Long Island City (Credit: Charney Construction, Google Maps)

Charney Construction & Development branches out

From left: Publisher and founder Amir Korangy, Editor-in-chief Stuart Elliott and VP of Corporate Development Yoav Barilan

TRD’s founders share war stories from over the years

Neir’s Tavern (Credit: Google Maps)

City’s oldest bar, of “Goodfellas” fame, gets last-minute lifeline

Neir's Tavern (Credit: Google Maps)

Landlord to bar owner: You don’t have to go home but you can’t stay here

Scott Rechler and clockwise from top left: 2455-2457 Third Avenue, 150 West 48th Street and 42-11 9th Street (Credit: Google Maps, Getty Images)

RXR’s Long Island City development was the biggest new project filed in December

arrow_forward_ios
Loading...