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.

RECOMMENDED STORIES

Comments:

Join The Discussion



Related Stories
Bourdain hits Queens food spots, deadly motorcycle crash and 8 other top stories
Bourdain hits Queens food spots, deadly motorcycle crash and 8 other top stories
Spend your Memorial Day weekend enjoying food & fun at the LIC Flea & Food market
Spend your Memorial Day weekend enjoying food & fun at the LIC Flea & Food market
Popular Stories
Photo via Shutterstock
With Obamacare in doubt, New York eyes a single-payer healthcare system supported by Queens lawmaker
Photos courtesy of CNN/Parts Unknown
Dine at these restaurants to retrace Anthony Bourdain's footsteps on 'Parts Unknown' in Queens
Photo: Shutterstock
UPDATE: Male found dead in Queens' Alley Pond Park was stabbed 28 times, homicide probe underway


Skip to toolbar