{"id":1004287706,"date":"2018-12-20T03:19:33","date_gmt":"2018-12-20T11:19:33","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004287706"},"modified":"2022-12-08T15:19:15","modified_gmt":"2022-12-08T23:19:15","slug":"jv-sells-72m-long-island-city-industrial-building","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/jv-sells-72m-long-island-city-industrial-building\/","title":{"rendered":"JV Sells $72M Long Island City Industrial Building"},"content":{"rendered":"<p>By Scott Baltic<\/p>\n<div id=\"attachment_1004287748\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/48-49-35th-St.-e1545304573660.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004287748\" data-attachment-id=\"1004287748\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/jv-sells-72m-long-island-city-industrial-building\/48-49-35th-st\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/48-49-35th-St.-e1545304573660.jpg\" data-orig-size=\"762,572\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"48-49 35th St.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;48-49 35th St.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/48-49-35th-St.-e1545304573660.jpg?w=762\" class=\"wp-image-1004287748 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/48-49-35th-St.-e1545304573660.jpg\" alt=\"\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/48-49-35th-St.-e1545304573660.jpg 762w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/48-49-35th-St.-e1545304573660.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004287748\" class=\"wp-caption-text\">48-49 35th St.<\/p><\/div>\n<p>A joint venture between Metropolitan Realty Associates and TH Real Estate, an affiliate of Nuveen, the investment management arm of TIAA, has sold Commerce LIC, a three-story, 246,000-square-foot industrial building in the Long Island City submarket of Queens, New York City.<\/p>\n<p>The buyer, North River Co., of New York, paid $72 million for the 1949-built property at 48-49 35th St. MRA had paid $55 million for the building in March 2017. Tenants include international shipping company AirSea Packing, the property\u2019s largest tenant at 100,000 square feet, and Housing Works Thrift Shop.<\/p>\n<p>The decision to sell coincided with Amazon\u2019s announcement about locating one of its HQ2 facilities in the area.<\/p>\n<p>\u201c<em>Thoughtful commercial space remains in limited supply in Long Island City and, with the rapid transformation that will follow the Amazon \u2026 relocation, we expect forward-thinking companies will try to position themselves \u2026 in an environment that encourages collaboration and offers recreational, culture, leisure and living options<\/em>,\u201d MRA Founder &amp; CEO Joseph Farkas said in a prepared statement.<\/p>\n<h2>Market pros<\/h2>\n<p>Not surprisingly, the buyer agrees about LIC\u2019s healthy prospects. North River bought its first building in Long Island City, very close to Commerce LIC, about six years ago, and had been looking for additional product there since, Chris Pachios, principal of North River, told <em>Commercial Property Executive<\/em>.<\/p>\n<p>North River is also very comfortable with multi-story industrial space, having owned several such properties in the Greater New York area over the past 40 years. \u201c<em>We know the product type<\/em>,\u201d Pachios said.&nbsp;<\/p>\n<p>North River is a privately held company founded by Coleman Burke, who\u2019s also the founder &amp; managing partner of Waterfront Properties. North River owns about 4 million square feet of space, mostly in New York, New England and Denver, though it is also expanding on the West Coast.<\/p>\n<p>Earlier this year, Seagis Property Group <a href=\"https:\/\/www.commercialsearch.com\/news\/seagis-snags-80-ksf-industrial-asset-in-queens\/\">acquired a 79,920-square-foot warehouse<\/a> in Maspeth, Queens, with plans to extensively renovate the property.<\/p>\n<p><em>Image courtesy of Metropolitan Realty Associates<br \/>\n<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Less than two years after buying the asset, the joint venture between Metropolitan Realty Associates and TH Real Estate sold the property for a tidy profit.<\/p>\n","protected":false},"author":882,"featured_media":1004287748,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21748,21783,1600,21742,10],"tags":[36369,43484,37491,32870,33460],"class_list":["post-1004287706","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-industrial","category-investment","category-new-york","category-latest","category-northeast","tag-long-island-city-submarket","tag-north-river-company","tag-nuveen","tag-th-real-estate","tag-tiaa"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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