Metropolitan Realty Associates and TIAA are in contract to acquire the four-story, 342,000-square-foot industrial property at 47-25 34th Street, located on the corner of 48th Avenue in the Dutch Kills section of Long Island City. The property is being sold for $90 million, according to Crain’s. The eventual new owners plan to convert the building into modern office space to the tune of more than $10 million. The property is currently 55 percent vacant, with the occupied portion is being utilized as warehouse and showroom space. The sale comes two years after Brickman acquired the building for $60 million. Future office tenants will be located two blocks from the 33rd Street stop on the 7 train.
The Brickman Group
Hornig Capital Partners and The Brickman Group have acquired, for $10 million, the three-story, 67,236-square-foot industrial building at 1519 Decatur Street (a.k.a. 1085 Irving Avenue), in Ridgewood, located four blocks from the Halsey Street stop on the L train. The new owners plan to convert the property into modern commercial space, according to Real Estate Weekly. It’s not known what specific commercial tenants the building will be geared to, but the space will be flexibly divisible. The gut-renovation will cost roughly $6 million and financing has already been secured. The structure was built in 1929 and contains large floor plates.
Back in July of 2015, news broke that Brickman Real Estate and Daniel Loeb were planning to convert the three-story, 160,000-square-foot warehouse at 30-02 48th Avenue, in the Dutch Kills of Long Island City, into office space. DNAinfo now has updated details on the conversion. The building, which will retain its name as The Bindery, will get a 4,000-square-foot lobby featuring space for four food vendors and a communal work area, in addition to amenities like bike storage, a fitness center, a food court, an art exhibit, a cocktail bar, and a roof deck. Filings indicate 69,167 square feet of factory space, spread across all three floors, will remain in the building, while 72,269 square feet will be designated as commercial space. Gut-renovations are expected to begin within the next few weeks. Fogarty Finger is the architect of record.
The Brickman Group and investor Daniel Loeb are planning to convert the three-story, 150,000 square-foot warehouse into offices at 30-02 48th Avenue, in the Hunters Point section of Long Island City. According to Crain’s, the building near the Hunters Point Avenue 7 train stop will undergo a top-down renovation, featuring a new lobby and roof deck, designed by Fogarty Finger. Brickman acquired the the property in 2013 for $21 million.