Metropolitan Realty Associates LLC (MRA) paid $55 million for a 246,000-square-foot warehouse in the Long Island City neighborhood of Queens with equity partner TH Real Estate, an affiliate of Nuveen (the investment management arm of TIAA). The warehouse will remain a warehouse, according to the new owner.
“As more and more warehouse and distribution properties in Long Island City are being redeveloped into residential, office and retail space, industrial users increasingly struggle to find quality properties in the neighborhood,” said Todd Bassen, MRA’s managing partner and chief investment officer. “MRA intends to maintain the property in its current industrial use.”
The three-story building at 48-49 35th St. delivered in 1949, and last traded nearly 40 years ago. It is currently 79% leased, with international shipping company AirSea Packing as the largest tenant. Kalmon Dolgin represented the sellers, the Matsil family.