Share on FacebookTweet about this on TwitterEmail this to someone
Share on FacebookTweet about this on TwitterEmail this to someone

The sale of a 315,000-square-foot Long Island City building could bring in a hefty profit as the neighborhood becomes more appealing to commercial tenants, according to a published report.

Acumen Capital is selling the Standard Motor Products property, at 37-18 Northern Blvd., six years after it purchased the building for around $40 million, Crain’s New York reported. Sources tell Crain’s it could fetch more than $100 million.

The real estate investment company acquired the building from Standard Motor Parts, a manufacturer of replacement parts for motor vehicles, in March 2008, according to Acumen’s website.

CBRE, which is is handling the sale, told Crain’s steady rent from the building’s existing tenants combined with potential new renters in Long Island City’s “rising leasing market,” would be a financial benefit for the future owner.

Current occupants include The Jim Henson Company and the Brooklyn Grange, a 43,000-square-foot rooftop organic farm, according to Acumen.



Join The Discussion

Popular Stories
Photo via Google Maps/Inset courtesy of NYPD
UPDATE: Man who choked out & raped woman near expressway in Fresh Meadows still at large
Photo: Shutterstock/Inset courtesy of NYPD
UPDATE: Cops arrest Long Island woman for shooting Jamaica cop with pellet gun
Photo via Wikimedia Commons/Basin Collection
Historic Long Island City hospital that provided healthcare on boat rides celebrates 150th anniversary
Skip to toolbar