Fishman of RKF arranges $60 million sale of 322,390 s/f industrial property; Reps seller: a pair of TIC entities managed by BLDG Associates, Inc.

RKF arranged the $60 million sale of a 322,390 s/f industrial property located at 47-25 34th St. in Long Island City. RKF previously represented the current owner of this building just thirteen months ago when they acquired the property for $40.7 million. In this latest transaction, RKF investment sales & advisory services president Jeff Fishman represented the seller of the building, a pair of TIC (Tenants in Common) entities managed by BLDG Associates, Inc. The buyer, Brickman 34th St LIC LLC, was represented by Empire Leasing and Development, Inc. The three-story building at 47-25 34th St. is bounded by 47th and 48th Aves. and 34th and 35th Sts. located directly in between the Queens Blvd. and the Long Island Expressway. "What led the current seller to acquire this building last year was their belief that the supply of quality industrial product in Long Island City would continue to be diminished due to an accelerated pace of luxury residential and hotel conversions. I believe the value appreciation that we have witnessed with this transaction affirms both the desirability of this property and the Long Island City market," said Fishman.