Marcus & Millichap Closes Sale of Adjacent Office and Industrial in Queens

Marcus & Millichap closed the sale of adjacent industrial and office properties in Long Island City, Queens, for $8.5 million. Jakub Nowak, investment specialist in Marcus & Millichap’s Manhattan office, exclusively marketed the property on behalf of the seller, Vernon Associates LLC, and procured the buyer, a local private investor.

“The $8.5-million sale of 37-11 Vernon Blvd. in Long Island City highlights both the strength of the local industrial market and the creative strategies we use to benefit our clients, especially in an environment with financing challenges,” said Nowak. “By structuring a triple net lease for the adjacent 814 37th Ave. property, with the buyer as the tenant, we enabled the buyer to take operational control of the entire asset without having to finance the full acquisition upfront. This approach benefited both parties and secured a well-capitalized deal in one of New York City’s most sought-after industrial hubs.”

The properties, located at 37-11 Vernon Blvd. and 814 37th Ave., total 18,440 square feet of building space and a 6,560-square-foot open lot for shipping and parking.