Pearl Realty Management has added the Standard Motors Products Building in Long Island City, Queens, to its portfolio with a $42 million purchase. The six-story, 330,000-square-foot mixed-use property was sold by RXR Realty, which had purchased it for $110 million in 2014. The sale marks a significant repositioning move for RXR, aligning with its broader strategy to divest itself of aging office assets and focus on modern, tech-forward investments.
RXR sells Standard Motors Products Building in Long Island City, New York
Pearl Realty Management acquires mixed-use property at 37-18 Northern Blvd.
RELATED ARTICLES
This news story is available exclusively to CoStar subscribers.
Watch the video to learn how you can access industry leading CRE news and the data analytics you need to drive success.
This news story is available exclusively to CoStar subscribers.
Ready to Learn More?
Sign Up For a Personalized Demo.
Sign Up For a Demo To Learn More.
Already A Subscriber? Sign In
IN THIS ARTICLE
- Properties
- The Standard Motor Products Building
37-18 Northern Blvd, Long Island City, NY
- Contacts
- Daniel O'Brien
Vice Chairman, Co-Head, Private Capital Group, Newmark
- Adam Spies
Co-Head of U.S. Capital Markets, Newmark
- Brett Siegel
Vice Chairman, Newmark
- Jack Guttman
President, Pearl Realty Management
- Adam Doneger
Executive Vice Chairman, Newmark