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

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
2544 Valentine Avenue in the Bronx (Photo via Black Bear Capital Partners)

Bronx rent-stabilized multifamily portfolio nabs $186M loan

Bronx rent-stabilized multifamily portfolio nabs $186M loan
CBRE CEO Robert Sulentic (iStock)

CBRE lowers SPAC IPO valuation target to $350M

CBRE lowers SPAC IPO valuation target to $350M
Union Crossing at 825 East 141st Street with LibreMax's Greg Lippmann (Union Crossing Bronx; LibreMax)

$78.6M sub-performing loan on Union Crossing up for sale

$78.6M sub-performing loan on Union Crossing up for sale
The mall was already beset by 18 years of starts and stops (Getty)

Can the American Dream mall survive the pandemic?

Can the American Dream mall survive the pandemic?
Spending outpaced foot traffic because shoppers purchased at the stores they did visit (Getty)

Retail foot traffic tanks on Black Friday

Retail foot traffic tanks on Black Friday
The tax break allows foreign visitors to reclaim a sales tax of 20 percent on items bought in the country for more than £30 (Getty; Unsplash)

UK tax break expiration could hurt struggling retailers

UK tax break expiration could hurt struggling retailers
Istanye Park in Istanbul (Photo via Wikipedia Commons)

Turkish mall valued at $1B in deal with Qatar

Turkish mall valued at $1B in deal with Qatar
258 8th Avenue (Google, Target)

Target planning yet another NYC store in Chelsea

Target planning yet another NYC store in Chelsea
arrow_forward_ios

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

Loading...