12 The Courier sun • real estate • OCTOBER 23, 2014 for breaking news visit www.couriersun.com Landmarked 116-year-old Jamaica Savings Bank building set for transformation Box maker Norampac selling huge Maspeth factory complex for $72M BY LIAM LA GUERE [email protected]/@LiamLaGuerre Corrugated box manufacturer Norampac is selling its Maspeth factory complex on Grand Avenue for $72 million, according to Greiner-Maltz, which is marketing the property. The site is home to three buildings and additional land. The entire complex has development potential with up to approximately 770,000 square feet of buildable space, while the structures on the site are using about 320,000 square feet. The box maker plans to buy and lease back the property while planning to build a larger, more efficient facility in the neighborhood to accommodate increased business, said John Maltz of the real estate firm. The property has already seen interest from food distributors and lumber companies among others, Maltz said. The largest structure on the compound is a two-story manufacturing and office building with a basement and penthouse located at 55-15 Grand Ave. It was constructed in 1925 and each floor of the structure has more than 100,000 square feet of space, while the penthouse level has about 8,000 square feet and the basement has 8,685 square feet. On the same lot as the main building is a 29,590-square-foot structure and the final building has 71,953 square feet of space with loading docks located at 56-19 Grand Ave. There is also 90,000 square feet of additional paved land on the site, primarily used for parking space and loading access. For more information about the listing, visit http:// www.greinermaltz.com. BY LIAM LA GUERE [email protected]/@LiamLaGuerre A real estate firm investing in downtown Jamaica has plans to renovate and modify one of the area’s landmarked buildings. The new owners of the 116-year-old Jamaica Savings Bank building at 161-02 Jamaica Ave. in the heart of the neighborhood’s downtown area has filed with the city’s Landmark Preservation Commission to modify the building. The structure, a Beaux-Arts-style bank building designed by architecture firm Hough & Duell and built in 1898, was designated a landmark in 2008. According to city records, the application seeks to “construct rear and side additions, replace doors, install awnings and infill window openings.” The building was bought by the investment firm of the Laboz family, United American Land LLC, under the name 161-02 Jamaica LLC for $3.7 million, according to records filed with the city in January. Jason Laboz of the firm declined to speak with The Courier about the project. The modification of the building could be part of a plan to add new retail tenants into the property as the company has planned with the adjacent buildings on the strip. United American Land purchased the 10-story building next door at 160-16 Jamaica Ave. in January for $8.5 million. It filed permits to reduce the larger building down to four stories, matching the landmarked structure and the property at 160-08 Jamaica Ave., which the company owns as well. The 160-08 Jamaica Ave. structure is still under construction for new retail tenants, according to plans posted on United American Land’s website. The firm bought that building in 2012 for $14 million, according to city records, and an H&M was thought to be a potential anchor for that property, according to published reports. Photo courtesy of Christopher Bride/PropertyShark The former Jamaica Savings Bank building, center.
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