GlobeSt.com EXCLUSIVE: TEI Picks Up LIC Industrial Site for $7M

LONG ISLAND CITY, NY-A four-story 110,000-sf industrial/office building, which served as the home base of manufacturer Scalamandre Silks Inc for more than 70 years, has been acquired by Time Equities Inc for nearly $7.2 million or $65 per sf.

Scalamandre, which helped redecorate the White House when President John F. Kennedy was in office, will remain in the site at 37-24 24th St. for a year under a triple-net lease. The company is in the process of finalizing a relocation plan. After Scalamandre vacates the site, which features a 47-car parking lot, loft-like windows and skylights, TEI intends to divide it for multi-tenant use. The firm will specifically target industrial users for the lower floors and office/creative tenants for the upper ones.