Industrial real estate company sells $16.5 million warehouse to storage developer in Elmhurst

Screen Shot 2019-07-24 at 5.19.21 PM
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Industrial real estate company Monitor Holding Corp. sold a 70,000-square-foot, three-story warehouse at 74-16 Grand Ave. in Elmhurst for $16.5 million on July 11, according to Automated City Register Information System records.

“This large property at 74-16 Grand Ave. presented a unique opportunity for the buyer,” said Neil Dolgin of Kalmon Dolgin Affiliates, who brokered the deal. “Its excellent location near the Long Island Expressway provides great exposure and offers easy access to and from Eastern Long Island, Brooklyn and Manhattan.” 

In June, 74-16 Grand Ave. Storage LLC, an entity connected to self-storage developer Storage Deluxe, filed plans with the Department of Buildings to tear down the building. Though the ACRIS filing did not confirm the identity of the buyer, the DOB filing is consistent with Dolgin’s description of the buyer’s intentions.

“The buyer plans to demolish the building to build a storage facility,” Dolgin said. “Where this building is right now, it’s three stories built into a hill. And that’s how it could be reconstructed for a new storage facility but much more useable in today’s way of operating a multi-story building.”

The buyer has not yet filed their zoning application with the DOB.

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