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New York & Tri-State  + Outer  + Industrial  | 

Multi-Story Warehouse Sale Sets Pricing Benchmark for LIC

Marcus & Millichap recently closed the sale of 43-10 21st St., a two-story industrial property in Long Island City, Queens. The asset sold for $14.5 million.

“At $359 per square foot, this transaction sets a pricing benchmark for multi-story industrial in today’s Long Island City market,” said Jakub Nowak of the Nowak Group of Marcus & Millichap in New York City. “The competitive process we ran attracted over a dozen written offers and delivered a result that significantly exceeded recent comparable trades in the low $200s per square foot.”

Nowak and Matthew Rosenzweig of Marcus & Millichap represented the seller and procured the buyer.

The property totals approximately 40,400 square feet on a corner lot and is configured for multi-tenant industrial use. The building is fully occupied by four tenants, with leases rolling between 2026 and 2027. Built in 1931, the property is located just south of the 59th Street Bridge.

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Marcus & Millichap's Nowak

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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