
Avison Team Brokers Sale of Creative Office in Astoria
Avison Young’s Tri-State Investment Sales Group has sold The Cigar Factory, a 120,559-square-foot creative office building at 35-11 9th St. in Astoria, for $26.375 million. Extensively renovated by the previous owner, the four-story factory-turned-office features predominantly open floorplans suited to a range of uses from conventional offices to creative studios.
Principal and head of Tri-State Investment Sales James Nelson represented the seller with principals Erik Edeen and Charles Kingsley and director Brent Glodowski. The buyer was Daryl Hagler.
“The Cigar Factory enables the new owner to offer a combination of modern functionality and old-world flavor that has become ultra-desirable among tenants, and with average in-places slightly below the market rate, if offers a great opportunity to increase the buyer’s return through leasing,” said Nelson. “We were able to drive value for our client by communicating the asset’s many advantages to potential buyers, and that shows in the final price.”
- ◦Sale/Acquisition