Blumenfeld Development expands portfolio with two sales–$37.5 million

Syosset, NY The Blumenfeld Development Group (BDG) recently have acquired 99-01 Queens Boulevard, a three story mixed-use building in Queens for $31.2 million and 1516 Motor Pkwy., a single-story 140,000 s/f warehouse/distribution facility based in Hauppauge, for $6.3 million.

99-01 Queens Boulevard - Queens, NY

The 99-01 Queens Boulevard building, which was purchased from Vornado Realty, features ground floor and lower level retail space, as well as office/school space on the second floor. The building totals 56,916 gross s/f and is currently home to Bank of America, New York Sports Club and DeVry College of New York.  BDG will redevelop the remaining vacant space in the building for Mount Sinai Hospital, who has entered into a long term lease with BDG, bringing the building occupancy to 100%. BDG expects to have all work completed for Mount Sinai by early spring 2017.This project was brokered by Jonathan Stravitz of BIOC Commercial Real Estate.

“We think this asset is well positioned, will enjoy stable occupancy and continue to be a benefit to the community, especially with the addition of Mount Sinai Hospital,” said Brad Blumenfeld, VP at BDG, who played a major role on the acquisition and leasing of the property.

1516 Motor Parkway - Hauppauge, NY

BDG has also entered into a long-term lease with Entourage Commerce, LLC for the entire 1516 Motor Parkway warehouse/distribution facility. The site, which was formerly owned by Rechler Equities, will receive a $2 million capital improvement as part of the complex’s repositioning. The facility will serve as Entourage’s new headquarters where it will employ 300 people.

The property is located just north of the Long Island Expressway (I-495) at exit 57, only 45 miles from Manhattan which makes it an ideal location for a distribution facility. 

“Entourage has a dynamic, growing business model which grew out of their current space in the boroughs,” said David Blumenfeld, Vice President, Blumenfeld DevelopmentGroup. “We are thrilled to have them in our tenant mix and provide them the footprint to successfully expand their business.”

Blumenfeld Development Group is a full service real estate development firm with a diverse portfolio in the New York metropolitan region.  BDG develops all asset types and currently controls over five million square feet of real estate. BDG services include leasing, acquisitions, property management, construction, land use, architecture, engineering and design. BDG not only supports a host of charitable based initiatives, but regularly invests in the local communities in which it develops. With a primary focus on the New York City region, it redevelops obsolete, abandoned properties into viable projects that create job growth, investment, and new opportunities for residents in historically disadvantaged neighborhoods.