Marcus & Millichap brokers $14.5m sale of industrial property in Long Island City
Queens, NY Marcus & Millichap negotiated the sale of 43-10 21st St., a two-story industrial property in Long Island City. The asset sold for $14.5 million.
“At $359 per s/f, this transaction sets a pricing benchmark for multi-story industrial in today’s Long Island City market,” said Jakub Nowak of the Nowak Group of Marcus & Millichap in New York City. “The competitive process we ran attracted over a dozen written offers and delivered a result that significantly exceeded recent comparable trades in the low $200s per s/f.”
Nowak and Matthew Rosenzweig of Marcus & Millichap represented the seller and procured the buyer.
The property totals 40,400 s/f on a corner lot and is configured for multi-tenant industrial use. The building is fully occupied by four tenants, with leases rolling between 2026 and 2027.
Built in 1931, the asset features 13.5-ft. ceilings, a freight elevator and roll-up access on both 21st St. and 43rd Ave. It is located south of the 59th St. Bridge, with access to the Brooklyn-Queens Expwy. and connectivity to Manhattan, Queens and Brooklyn.