GlobeSt.com learns that both leases are for terms of 10 years and the two new tenants will make up the entire ground floor at the three-floor industrial property. The three floors total 255,000 sf, while the basement is 30,000 sf. Both tenants will take immediate occupancy.
Larry Smith, executive vice president at S&Z, represented the landlord, Stellar Management. Joseph Eliasoph, managing director, represented McVicker and Higgenbotham. Jason Aufarth, also a managing director at S&Z, represented Mitchell Distribution. The asking rent was $15 gross for each space.
Smith tells GlobeSt.com that the aggregate lease value is $10 million total for both tenants. The building is located in what Smith refers to as "the best part of Long Island City," at Van Dam and Skillman avenues. It is within walking distance to the 7 train, and is located across the street from LaGuardia Community College. "The once predominately industrial neighborhood is diversifying, with numerous schools, office buildings and residential complexes occupying the area," he tells GlobeSt.com.
In 1997, the Swingline stapler company closed its factory in two industrial buildings in Long Island City, Queens--one of which it had occupied for 50 years--and moved its operations, and 450 jobs, to Nogales, Mexico. The departure of Swingline Stapler from LIC was viewed as a sign that the area is shifting away from industrial users, according to Smith. "However, while its surrounding neighborhood undergoes various changes, its well-known former facility on Queens Blvd. and Van Dam, next to the 7 line, has been continually occupied by industrial firms."
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
