Greiner-Maltz completes $40.6 million sale of 300,000 s/f Standard Motors Building

After nine months of targeted marketing campaigns, extensive Internet exposure, mass media circulation and multiple co-broker and customer showings, the 300,000 s/f Standard Motor Products (SMP) corporate headquarters at 37-18 Northern Blvd., in Long Island City, has been sold through Greiner-Maltz. This sale, with a contract price of $40.6 million, closed recently. With more than 18 qualified bidders jostling to become the new owners of the SMP Corporate Center, detailed negotiations were necessitated by SMP's requirement to have the property maintained as a first class commercial structure compatible with their continued occupancy of up to a 30 year lease-back. Part of SMP's detailed requirements were flexible occupancy, in-building dining service, and enhanced security. After multiple rounds of negotiation, a successful bidder emerged. An out-of-state pension fund, EX 11 Northern Boulevard Acquisition LLC, has purchased the property and plans to develop it into multiple loft-style commercial tenancies with ground floor retail. The Greiner-Maltz marketing team of Richard Maltz, chairman, and John Maltz, president, represented the seller and Greiner-Maltz brokers, Decio Baio, David Junik, and Gary Blum represented the purchaser. Since 1953 Greiner-Maltz has been engaged exclusively in the leasing, selling, appraising and managing of industrial and commercial property in Manhattan, Brooklyn, Queens and Long Island. The professionals at Greiner-Maltz have over 400 years of combined experience. The firm has two offices and an active staff of thirty-five sales associates.