Image source: Commercial Property Executive
Commercial Property Executive reports that the Center Building, an eight-story, 450,000-square-foot office building at 33-00 Northern Blvd (GMAP), was sold for $84.5 million at the end of December. It was purchased a group of investors, one of which is Madison Marquette of Washington, DC. The building has 62 parking spaces underground and is currently 88% leased by businesses such as a law firm, a tech company, and plenty of NYC agencies like the Human Resources Administration, New York City Transit Authority, and the Department of Cultural Affairs. In fact, 71% of the leases in the building are with city agencies.
The new owners “plan to add value to the building’s office and retail components” but just how they will do that is unknown right now. The building was built in 1915 so perhaps structural or cosmetic upgrades are in the building’s future.
The building is well-places with regard to transit and transportation accessibility, which was one of the key attractions to the buyers – the building sits atop the 36th Street local M/R subway stop in a part of LIC considered to be Dutch Kills. Ryan Colbert, director of investments at Madison Marquette, says “Long Island City is a very attractive investment market. The Center Building has an irreplaceable location and a blue-chip tenant base. The combination of having both stable cash flow and upside potential makes this a very unique investment.”
Hampshire Properties Sells 450 KSF LIC Office Building for $85M [Commercial Property Executive]