NEW YORK CITY—Metropolitan Realty Associates has purchased the former Matsil Bros. building—with equity partner TH Real Estate, an affiliate of Nuveen (the investment management arm of TIAA)—for $55 million. The acquisition marks MRA's second major Long Island City acquisition.
Located at 48-49 35th St., the three-story 246,000-square-foot warehouse was originally built in 1949 and last traded hands nearly 40 years ago. It is currently 79% leased, with international shipping company AirSea Packing as the largest tenant occupying 100,000 square feet.
Jeff Unger and Neil Dolgin of Kalmon Dolgin represented the Matsil family in the sale of 48-49 35th St. Law firm Duval & Stachenfeld provided legal services to the buyers .
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