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New York & Tri-State  + Outer  + Industrial  | 
Stephen R. Preuss Ripco

Flushing Industrial Portfolio Sale Sets Pricing Record for Queens

RIPCO Real Estate arranged the disposition of The Flushing Industrial Portfolio, a warehouse & development assemblage in Queens, for a total combined sale price of $51 million. The price per square foot and in-place cap rate metrics on this sale both set records for an industrial portfolio transaction in the borough equating to $768 per square foot and 2.11%, respectively. 

The buyer was Ever River Realty Corp and various LLCs. Acquired from Northern Collins Corp., the portfolio encompasses several lots throughout the Northeastern Flushing submarket, including 34-65-69 Collins Pl., 133-16 35th Ave., 134-07 Northern Blvd. and 132-56-30 34th Ave.

The buyer is holding for investment, with plans to use the portfolio for its own business and a potential redevelopment in the future. 

RIPCO’s Stephen R. Preuss Sr. and Kevin Louie arranged the sale. Preuss also arranged $30.5 million financing from Deutsche Bank with RIPCO’s debt advisory head, Steven Sperandio. 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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