Historic Packard Building in LIC Trades to Related Fund Management
Related Fund Management has acquired The Packard Motor Building, a 337,659-square-foot mixed-use building at 3202 Queens Blvd. in Long Island City for $61 million, according to industry sources. The seller of the historic property was the family who founded Mana Products.
Sources said Cushman & Wakefield’s Doug Harmon, Kevin Donner, Josh King and Willis Robbins brokered the sale. Cushman & Wakefield declined to comment.
The eight-story building offers 50 on-site private parking spaces for tenants, 13-to-20-foot ceiling heights, oversized freight elevators and flexible floorplates. The property is suitable for a wide range of uses including life science, warehouse/flex office space, data center and self-storage. It also offers a “building-within-a-building” opportunity, with the ability to offer separate entrances to tenants.
The property is transit-oriented, located directly across from the 33rd Street – Rawson Subway station, which services the 7 train. It’s also near the Court Square and Queens Plaza subway stations.
- ◦Sale/Acquisition