Queens, NY Rodless Properties, LP, a client of Cohen & Perfetto LLP and the owners of a two building industrial complex Ideal Business Center, sold the property to Jamaica Avenue Owner LLC, an affiliate of Madison Realty Capital, for $78 million. The two building industrial complex is located at 184-10 and 184-60 Jamaica Ave. in the Hollis neighborhood. The buildings used to house the Ideal Toy Co. and now are homes to Gotham Greens, a rooftop greenhouse and other manufacturing firms, including French Connection and Hanky Panky.
“Once again investors continue to fall back on basic real estate fundamentals, location is key. The property is located in one of NYC’s sought after, last remaining commercial thoroughfares. Upgrading the buildings will make the buildings more attractive to industrial and commercial tenants looking for space which is vanishing and not so easy to find,” said Louis Perfetto, Esq., managing partner of Cohen & Perfetto who together with his partner, Matia Nikolovienis, Esq. and Christine Mulryan, senior project manager, represented Rodless Properties.