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.
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