Brickman has acquired the industrial building at 47-25 34th St. in Long Island City, NY from a pair of Tenants In Common (TIC) investors managed by BLDG Management Co., Inc. for $60 million, or about $186 per square foot.
The sale comes just 13 months after the sellers acquired the asset in February 2013 for $40.7 million ($145 PSF) from the 601W Companies, according to CoStar data. See CoStar COMPS #2674530.
LIC Industrial Bldg Sells for $41M
The three-story, 322,390-square-foot light manufacturing building was constructed in 1924 on 2.8 acres in the Northwest Queens Industrial submarket, bounded by 47th and 48th Avenues and 34th and 35th Streets, directly between Queens Blvd and the Long Island Expressway. It features eight drive-in bays, 12-foot clear heights, 800-amp heavy power, and seven percent office build-out. The asset was 99 percent leased at the time of sale.
Acquisition funding was provided by M&T Bank.
Thomas Tassone, principal with Empire Leasing & Development represented the buyer. Jeffrey Fishman, investment sales and advisory services president at Robert K. Futterman & Associates represented the sellers. RKF brokered the previous sale as well.
"What led the current seller to acquire this building last year was their belief that the supply of quality industrial product in Long Island City would continue to be diminished due to an accelerated pace of luxury residential and hotel conversions," said Fishman. "I believe the value appreciation that we have witnessed with this transaction affirms both the desirability of this property and the Long Island City market."
Please see CoStar COMPS #2981907 for additional information on this transaction.