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
Donald Trump (Getty)
Pandemic dashed one-quarter of Trump’s NYC retail tenants
Pandemic dashed one-quarter of Trump’s NYC retail tenants
NYC hotels hoping for holiday business swell likely to be disappointed
NYC hotels hoping for holiday business swell likely to be disappointed
NYC hotels hoping for holiday business swell likely to be disappointed
Princeton proud: Eric Schmidt reportedly bidding to save club
Princeton proud: Eric Schmidt reportedly bidding to save club
Princeton proud: Eric Schmidt reportedly bidding to save club
Children’s Magical Garden at at 157 Norfolk Street (Google Maps, Facebook)
Children’s Magical Garden claps back against developer who claimed defamation
Children’s Magical Garden claps back against developer who claimed defamation
Here’s every new Amazon site in 2021
Here’s every new Amazon site in 2021
Here’s every new Amazon site in 2021
312 West 43rd Street, National Real Estate Advisors CEO Jeffrey Kanne and Taconic Partners' Paul Pariser and Charles Bendit (Google Maps, National Real Estate Advisors, Taconic Partners)
Taconic JV lands $204M loan for Hell’s Kitchen luxury rental
Taconic JV lands $204M loan for Hell’s Kitchen luxury rental
(iStock)
Proptech fundraising hits $9.5B record
Proptech fundraising hits $9.5B record
City Council advances protections for lease-breakers
City Council advances protections for lease-breakers
City Council advances protections for lease-breakers
arrow_forward_ios

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

Loading...