NEW YORK CITY—A hybrid office and warehouse building with numerous possibilities for future uses has changed hands in the increasingly popular Long Island City.
Time Equities has closed on its sale of 47-37 Austell Place, a four-story, 110,000-square-foot property. A partnership consisting of Drake Street Partners, Normandy Real Estate Partners and GEM Realty Capital purchased the property for $35 million.
Holliday Fenoglio Fowler marketed the 110,000-square-foot property on behalf of the seller. The HFF investment sales team representing the seller was led by managing director Jeff Julien along with senior managing director Eric Anton and associate director David Fowler. No broker represented the buyers in the transaction.
The redeveloped space can be adapted for multiple uses, including creative office, ground floor retail or event space, according to HFF. It features high ceiling heights, industrial over-sized windows, open floor plans, and a fourth floor penthouse with a rooftop terrace providing views of the Manhattan skyline.
Built in 1916, the building's sole tenant is newspaper delivery service Mitchell's NY, according to the Real Deal. The company reportedly holds a seven-year lease, signed last year, taking 40,000 square feet.
Bounded by Skillman Avenue to the north and 27th Street to the south, 47-37 Austell Place is a short walk from the Hunters Point 7 train subway and LIRR station across the East River from Midtown.
"There was substantial demand for the property as a value-add office redevelopment," says Julien. "Due to LIC's attractive loft warehouse building stock, transit infrastructure and access to Midtown, it is an attractive investment profile."
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
