REAL ESTATE LIC offi ce building sells for double what it was purchased for two years ago BY ANGELA MATUA amatua@qns.com/@AngelaMatua A Long Island City offi ce building is selling for $90 million, double what is was purchased for two years ago by real estate investment fi rm Brickman. According to Crain’s New York, the property at 47-25 34th St. will be purchased by Metropolitan Realty Associates and investment fi rm TIAA. Only 45 percent of the 342,000-square-foot building is currently Sales in Queens HOMES – CO-OPS – CONDOS Listings and photos courtesy MLSLI NORTHWEST NORTHEAST SOUTHWEST SOUTHEAST LIC FLUSHING RIDGEWOOD PICTURED LISTING JAMAICA Under $500,000 41-30 46th St., Sunnyside $400,000 Co-op 1 bedroom, 1 bathroom Helen Keit Keller Williams Realty Landmark $500,000-900,000 26-20 21st St., Astoria $599,000 Condo 1 bedroom, 1 bathroom Susanne Gutermuth Douglas Elliman Real Estate Over $900,000 38-16 27th St., Long Island City $1,200,000 2-family home 5 bedrooms, 2 ½ bathrooms Moinul Islam Mega Homes Realty Inc. Under $500,000 17-45 166th St., Whitestone $279,000 Co-op 2 bedrooms, 1 bathroom Sandra Lukan-Shaw Realty Connect USA LLC $500,000-900,000 32-41 202nd St., Bayside $699,000 1-family home 3 bedrooms, 1 ½ bathrooms Youngju Kang Promise Realty LLC Over $900,000 190-07 33rd Ave., Flushing $1,350,000 1-family home 6 bedrooms, 2 ½ bathrooms Maureen Ramsbottom Folan Real Estate Group Inc. Under $500,000 105-15 66th Rd., Forest Hills $350,000 Co-op 2 bedrooms, 1 bathroom Israel Martinez Exit Kingdom Realty $500,000-900,000 162-33 96th St., Howard Beach $698,000 2-family home 6 bedrooms, 2 ½ bathrooms Scott Taub Allied Real Estate Inc. Over $900,000 59-19 Decatur St., Ridgewood $1,100,000 Two homes on one lot 7 bedrooms, 2 bathrooms Mitchell Todd Carollo Real Estate Inc. Under $500,000 145-27 Glassboro Ave., Jamaica $449,000 2-family home 6 bedrooms, 2 ½ bathrooms Rajendra Jaikaran Jaikaran Realty Corp. $500,000-900,000 147-56 Grand Central Pkwy., Briarwood $875,000 2-family home 5 bedrooms, 3 bathrooms Nafi z Rahman Keller Williams Landmark II Over $900,000 94-33 222nd St., Queens Village $999,999 2-family home 6 bedrooms, 4 ½ bathrooms Ezequiel Castro Select NY Homes being used and tenants are using it for warehouse and showroom space. Metropolitan Realty Associates and TIAA plan will invest more than $10 million to upgrade the space into modern offi ces, according to Crain’s New York. Steven Klein, Brickman’s chief investment offi cer, told Crain’s that his fi rm sold the property to capitalize on the increased value in commercial property in the borough and will focus on its other commercial buildings nearby. A warehouse the company owns at 30-02 48th Ave. will be turned into creative offi ces. Similarity, a property at 35-11 Ninth St. in Astoria will also receive upgrades. Klein said offi ce space in neighborhoods like Long Island City are slightly cheaper than in places like Chelsea and this has spurred a high level of interest from investors to develop these buildings into offi ce spaces. “When we bought 47-25 34th St. a few years ago, people might have thought we were idiots because we were one of the few investment groups in the neighborhood,” Klein told Crain’s. “Now there’s a deep bench of investment fi rms like Vornado, Related and RXR buying buildings there.” Photo courtesy of Property Shark This Long Island City offi ce building was sold for $90 million.
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