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Atlas Capital offers stake in Long Island City property
Investment firm paid $82M for the property last year
A stake in a 1 million-square-foot Long Island City office building is up for grabs.
Atlas Capital has retained CBRE Group to market an ownership stake in the Factory Building at 30-30 47th Avenue, sources told Crain’s. Property prices in the area are on the rise following a slew of office building sales, according to the website.
Atlas Capital purchased the building from property investor Mark Karasick last October, paying $5 million through a deed-in-lieu and $77 million for the first mortgage, as The Real Deal previously reported. The property was valued at $102 million at the time.
In June, Scott Rechler’s RXR Realty paid $110 million for the Standard Motors Building at 37-18 Northern Boulevard, Crain’s previously reported. [Crain’s] — Tom DiChristopher