Maquette doubles space at Matsil Building in Long Island City

Ten-year lease brings logistics company to nearly 100,000 square feet

TRD New York /
Jun.June 16, 2020 08:30 AM
48-49 35th Street in Long Island City and North River Company's Forrest Mas (Google Maps, North River Company)

48-49 35th Street in Long Island City and North River Company’s Forrest Mas (Google Maps, North River Company)

The full-service fine arts logistics company Maquette is doubling its occupancy at the Matsil Building in Long Island City while another tenant, Housing Works, is moving to a space nearby.

With its new 10-year lease for the entire third floor of 47,850 square feet, Maquette will occupy a total of 95,700 square feet at the 275,000 square-foot industrial building at 48-49 35th Street.

Maquette negotiated the deal directly with landlord North River Company which will build out the space so the art company can take occupancy over the next 30 days. The owner has yet to find a tenant for 70,000 square feet on its roof, which it is marketing as a build-to-suit penthouse, and is also trying to fill 52,100 square feet on the ground floor with an asking rent in the high $20s.

“This is the first time the market has seen this ground-floor space in over 14 years,” said North River director Forrest Mas in a statement.

Formerly a Matsil Brothers apparel manufacturing facility, 48-49 35th Street was bought by North River in December 2018 for a reported $72 million to target specialized industrial and office space in the supply-constrained market. The year before it had sold for $55 million. Its high ceilings, large floor plates and direct loading capabilities drew Maquette, which stores and transports fine art. Other tenants include Ralph Lauren and Motorola.

Large LIC warehouse hits market for first time in 40 years

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

Meanwhile, a ground-floor tenant, Housing Works, is relocating to North River Company’s Anable Building, which is nearby at 33-02 48th Avenue. There, Housing Works signed a 10-year lease for 15,315 square feet on the ground floor of the four-story building for its call center, warehouse, distribution center and office. The city-based nonprofit advocates for people with AIDS and the homeless. To aid in its mission, it operates thrift and bookstores along with health care facilities at other locations in Brooklyn and Manhattan.

Owned by North River since 2012, the 140,000-square-foot 33-02 48th Avenue is home to file storage company Iron Mountain.

Nicholas Farmakis and David Carlos, executive managing directors at Savills, and John Mambrino, Savills vice chairman, represented Housing Works in the transaction. The asking rent was not available.

Mas and principal Chris Pachios represented North River in the deal with Housing Works and negotiated directly with Maquette.


Related Articles

arrow_forward_ios
Maison Kayser (Photo via Tools of Men via Flickr)

Maison Kayser may bid New York adieu

Maison Kayser may bid New York adieu
Newmark’s Brian Waterman with 7 Hanover Square (Google Maps, Twitter)

Newmark nabs REBNY prize for deal with NYC Health + Hospitals

Newmark nabs REBNY prize for deal with NYC Health + Hospitals
The legislation from a City Council member introduced a bill to temporarily repeal the commercial rent tax for businesses during the Covid-19 state of emergency. (Getty, iStock)

Commercial rent tax cut introduced in City Council

Commercial rent tax cut introduced in City Council
Michael Rudder, James Nelson, 141 Wooster Street and 633 Third Avenue (Google Maps)

The Outlook: Industry experts break down Manhattan’s office condo market

The Outlook: Industry experts break down Manhattan’s office condo market
Peter Nicoletti and Colliers' David Amsterdam

Colliers taps JLL’s Peter Nicoletti to lead capital markets

Colliers taps JLL’s Peter Nicoletti to lead capital markets
City Council member Keith Powers (Getty)

Pol, biz groups: Suspend rent tax, extend outdoor dining

Pol, biz groups: Suspend rent tax, extend outdoor dining
Only 9 percent of workers had returned to Midtown and 8 percent to Downtown. (iStock)

Where is everybody? City workers still home

Where is everybody? City workers still home
Documents filed in court say big retailers’ lawsuits show the protections go too far — and curb landlords’ right to commercial speech. (iStock)

City protects big companies, hurts small landlords: lawsuit

City protects big companies, hurts small landlords: lawsuit
arrow_forward_ios

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

Loading...