News:
Brokerage
Posted: January 8, 2019
Metropolitan Realty Associates and TH Real Estate complete $72 million sale
MRA
Queens, NY Metropolitan Realty Associates LLC (MRA), along with joint venture partner TH Real Estate, an affiliate of Nuveen, has sold COMMERCE LIC for $72 million to North River Co.
Located at 48-49 35th St., the former Matsil Bros. industrial property in Long Island City was originally constructed in 1949. MRA paid $55 million for the three-story 246,000 s/f building in March 2017.
“Given the enormous investor demand for industrial property in the boroughs of New York City, MRA made a strategic decision to sell COMMERCE LIC and provide its investors with an outsized return on their investment in a significantly protracted hold period of just 21 months,” said Joseph Farkas, CEO and founder of MRA. “It was a flawless execution and a continuation of MRA’s tradition of identifying value-driven investment opportunities.”
Farkas said he was “privileged” to partner with TH Real Estate on the investment. “They were ahead of the institutional crowd, saw the value of the LIC industrial market in its early stages and made the quick decision to invest right away with MRA,” he said.
The decision to sell coincided with Amazon’s announced HQ2 relocation to LIC but it did not influence decision making in the sale process as it relates to industrial assets; although the impact the retail giant will have on the commercial market is not lost on Farkas.
“Thoughtful commercial space remains in limited supply in Long Island City and, with the rapid transformation that will follow the Amazon announcement and subsequent relocation, we expect forward-thinking companies will try to position themselves at the center of this development in an environment that encourages collaboration and offers recreational, culture, leisure and living options.” he said. “Great things lie ahead for LIC and will develop rapidly over the next 24 months.”
MRA and TH Real Estate are also partners in HUB LIC, a 326,000 s/f industrial property situated a block away from COMMERCE LIC.
Tags:
Brokerage
MORE FROM Brokerage
Marcus & Millichap brokers $2.8 million sale of free-market mixed-use property in Brooklyn
Brooklyn, NY Marcus & Millichap brokered the sale of 733 Dekalb Ave., a fully free-market multifamily and retail property in the Bed-Stuy neighborhood. The asset sold for $2.8 million.
Quick Hits
 (2).gif)
Columns and Thought Leadership
Hunt commercial real estate question and answer: Fortune 500 wisdom - by David Hunt
Yes, there are lessons to be learned from the largest companies in America when comes to managing your real estate. But the decision to buy or lease real estate may not be one of
New York’s streets are full again, and the retail numbers prove it - by Noam Aziz
Walk down any New York block this year and you can feel it. The sidewalks are crowded, the storefronts are lit, and the energy that defines this city is back at full volume.
Positive forecast for New York’s pro-housing push? - by Philip Butler
New York’s housing crisis remains a hot button topic despite growing consensus that varied and affordable housing is desperately needed statewide. Governor Hochul has recently introduced several initiatives to overcome N.Y.’s anti-housing
A guide to finding the right NYC property management company - by Sanjay Gandhi
Being a small to midsize landlord in NYC is an increasingly demanding endeavor. From navigating complex regulations, increased compliance demands to dealing with tenant issues and remediating violations. It is wise to enlist the assistance of a partner, a professional
.gif)
September Promotion
