Saturday, November 14, 2015

HFF closes $35 million office-warehouse building sale in Long Island City, NY

47-37 Austell Place, Long Island City, NY

Jeff Julien
NEW YORK, NY --  Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of 47-37 Austell Place, a four-story office/warehouse building in Long Island City, New York.

HFF marketed the property on behalf of the seller, Time Equities.  A partnership consisting of Drake Street Partners, Normandy Real Estate Partners and GEM Realty Capital purchased the property for $35 million. 

Originally developed in 1916, 47-37 Austell Place features high ceiling heights, industrial over-sized windows, open floor plans, and a fourth floor penthouse with a rooftop terrace providing views of the Manhattan skyline. 

The redeveloped space can be adapted for multiple uses including creative office, ground floor retail or event space.  47-37 Austell Place is situated in Long Island City, bounded by Skillman Avenue to the north and 27th Street to the south.  The property’s location is a short walk from the Hunters Point 7 train subway and LIRR station just across the East River from Midtown Manhattan. 

The HFF investment sales team representing the seller was led by managing director Jeff Julien along with senior managing director Eric Anton and associate director David Fowler.

“There was substantial demand for the property as a value-add office redevelopment,” said Julien.  “Due to LIC’s attractive loft warehouse building stock, transit infrastructure and access to Midtown, it is an attractive investment profile.”

 For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

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