Queens, NY Marcus & Millichap has brokered the $39.1 million sale of a 109,200 s/f industrial building located at 25-11 49th Ave. in the Long Island City neighborhood.
“Long Island City is well positioned for growth, especially in light of New York’s $650 million bioscience initiative, which is attracting life science startups that need space,” said Jonathan Eshaghian of Marcus & Millichap’s Brooklyn office.
Eshaghian and Jakub Nowak represented the sellers, Howard and Scott Weinstein, owners of Candid Litho printing. Eshaghian and Nowak also procured the buyer, a joint venture partnership between Keystone Equities and Normandy Real Estate Partners.
Located on a 419-ft. by 454.4-ft. lot, the property is zoned M1-4, which allows a for a range of community facility, commercial, and light manufacturing uses. The asset is located near the 7 line, the Long Island Rail Road at Hunters Point Avenue and the 21st Street subway station. The Long Island Expressway, which provides easy access to Midtown Manhattan through the Queens-Midtown Tunnel, is also close by.
Normandy and Keystone plan to convert the property and utilize the air rights to expand the building to 11 stories spanning 238,000 square feet of creative office space.