“Creative Office” Redevelopers Pay $39M for Long Island City Industrial

Developers paid $39.1 million for an industrial building at 25-11 49th Ave. in the Long Island City neighborhood of Queens. The buyers, Keystone Equities and Normandy Real Estate Partners, plan to double the size of the building from 109,200 square feet to 238,000 square feet.

The planned renovation will rise to 11 stories of creative office space — thanks to air rights that come with the site and will make the redevelopment possible.

“Long Island City is well positioned for growth, especially in light of New York’s $650 million bioscience initiative, which is attracting life science startups that need space,” says Jonathan Eshaghian of Marcus & Millichap, who with Jakub Nowak represented the sellers, Howard and Scott Weinstein, owners of Candid Litho printing, which was the largest tenant in the building.

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