300,000-SF HQ Deal Closes at Nearly $41M

LONG ISLAND CITY, NY-In a complicated deal here, which has been in the works for quite a while, the 300,000-sf, six-story Standard Motor Products Corporate Headquarters at 37-18 Northern Blvd, has officially changed hands. An out-of-state pension fund, EX 11 Northern Blvd. Acquisition LLC, run by JP Morgan, has purchased the property and will develop it into multiple loft-style commercial tenancy with ground floor retail. The sale had a contract price of $40.6 million.

The Greiner-Maltz marketing team of Dick Maltz, chairman, and John Maltz, president, represented the seller and Greiner-Maltz brokers, Decio Baio, David Junik, and Gary R. Blum represented the purchaser. EVP Keith Braddish, VP Jason Gaccione, and EVP Maury Zanoff of CBRE Capital Markets, arranged $39 million in first-mortgage financing to facilitate the acquisition.

The property was placed in contract through Greiner-Maltz, and after multiple rounds of negotiation, with more than 15 bidders jostling to become the new owners, according to president Maltz, it sold. “Standard Motors Products, like many other industrial companies, have been slowly outsourcing manufacturing,” Maltz explains to GlobeSt.com. “It didn’t make sense to have a manufacturing in that building any longer. Instead, they wanted us to sell the property for the highest price they could get and then lease back the corporate offices.” He continues that SMP wanted control over the tenants and as part of the sale, the company agreed to lease back 60,000 sf.