Newmark, Olmstead Close Queens LIC Purchase
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The joint venture partners paid $61 million for a six-story office asset in Long Island City.
By Ioana Neamt
New York—Newmark Holdings and Olmstead Properties have acquired 43-01 22nd St., a six-story, 225,000-square-foot office property in Long Island City, for a total of $61 million. The asset is located in the heart of the Courthouse Square section of the neighborhood, and had been previously family-owned since the 1920s. The joint venture partners now share equal ownership of the building, co-CEOs Eric Gural and Brian Steinwurtzel of Newmark Holdings announced.
“We are delighted to add this property to the Newmark Holdings portfolio and increase our footprint within Long Island City, which has been experiencing tremendous growth over the past several years,” Steinwurtzel said in a statement. “Long Island benefits from subway lines directly feeding Grand Central (five minutes), the Port Authority (12 minutes) and Penn Station (15 minutes).”
Olmstead Properties intends to focus on further expanding its Long Island City portfolio, and has also been active in New York City; the firm recently acquired the DKNY Building on West 40th Street. Newmark Holdings acquired a number of properties in the area within the past year, including 10-27 46th Ave. and 11-05 44th Drive.