After receiving large interest from investors near and far, one historic Long Island City building recently sold in an all-cash transaction for over $30 million, according to realty company Modern Spaces.
Manhattan-based real estate private equity firm Brickman scooped up the former DeNobili Cigar Factory located at 35-11 Ninth St. for $31,100,000.
The sale of the 102,670-square-foot building, which also included a 5,000-square-foot parking lot at 35-31 Ninth St., was announced Tuesday by Modern Spaces’ Commercial and Investment Property Group.
“Tremendous demand from local, national and international investors led to a price point of approximately $302.91 per square foot in just eight weeks of marketing,” said Evan Daniel of Modern Spaces who spearheaded the marketing of the site with Edward DiTomasso. “The sale to Brickman speaks to the strength of the office and investment market, a trend that continues to prove that Long Island City is quickly becoming a destination for institutional capital and truly a mixed-use, live/work neighborhood.”
The four-story office/loft building also known as “The Cigar Factory” was built in 1896 and once housed the DeNobili Cigar company. It currently features 57 commercial units and two cell towers.
Due to its zoning, The Cigar Factory is ideal for future residential conversion with 14- to 22-foot ceilings, and features such as exposed beams, arched windows and hardwood floors.
The site is located just a block from the Long Island City waterfront and is close to major subway lines and highways.
“Demand for such space has exploded this year leading to dramatic rent increases throughout western Queens,” Daniel said. “The development of the Cornell Tech campus on Roosevelt Island will create more jobs and further put significant upward pressure on office demand and rent growth.”