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
CIM Group’s Shaul Kuba, Knotel's Amol Sarva, Related Group’s Jorge Pérez and The Agency’s Mauricio Umansky (Getty, Sarva by Sasha Maslov, iStock)

These real estate companies got fat PPP loans

These real estate companies got fat PPP loans
Nearly 60% of condo units built in Long Island City, Queens, since 2018 remain unsold. (iStock)

“You’ve either made the wrong shoes, or you’ve made too many”: LIC faces a serious condo glut

“You’ve either made the wrong shoes, or you’ve made too many”: LIC faces a serious condo glut
Federal Reserve Chairman Jerome Powell (Getty)

Real estate stocks benefit from second quarter rally

Real estate stocks benefit from second quarter rally
The Seagram Building at 375 Park Avenue with a photo illustration of RFR's Aby Rosen (Getty, Google, iStock)

Aby Rosen to build sprawling gym in Seagram Building

Aby Rosen to build sprawling gym in Seagram Building
Square Mile Capital’s Craig Solomon and Hackman Capital Partner's Michael Hackman with Silvercup Studios at 42-22 22nd Street in Long Island City (Hackman; AAK via Wikipedia Commons)

Hackman, Square Mile in talks to buy Silvercup Studios

Hackman, Square Mile in talks to buy Silvercup Studios
A photo illustration of Quora CEO Adam D'Angelo from a scene in the film The Matrix (Warner Bros./Village Roadshow Pictures; Quora)

“Our HQ will be in the cloud”: What if remote-first work is an opportunity, not a compromise?

“Our HQ will be in the cloud”: What if remote-first work is an opportunity, not a compromise?
67-25 Otto Road and Silex CEO Wes Sights (Google Maps, iStock)

The $112M warehouse transaction that wasn’t

The $112M warehouse transaction that wasn’t
From left: Onay Payne, Jim Simmons, Margaret Anadu and Tammy Jones (Payne by Emily Assiran)

‘Your pedigree is always questioned’: Black real estate execs push for change

‘Your pedigree is always questioned’: Black real estate execs push for change
arrow_forward_ios

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

Loading...