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Joint Venture Acquires 326,000 SF Commercial Building in NYC for $89M, Plans Redevelopment

47-25-34th-St-NYC

Metropolitan Realty Associates and TIAA Global Asset Management plan to redevelop the 326,000-square-foot commercial building into an office and retail development in Long Island City.

NEW YORK CITY — Metropolitan Realty Associates and joint venture partner TIAA Global Asset Management have acquired HUB LIC, a four-story commercial building located at 47-25 34th St. in Queen’s Long Island City, for $89 million. At the time of acquisition, the 326,000-square-foot property was 48 percent leased to a mix of tenants, including POLO Ralph Lauren, TEC Systems (Honeywell), Eleni’s Bakery, Gracie and Richelieu. The buyers plan to redevelop the property into office and retail space to attract a large-format retailer and offer 80,000 square feet of contiguous office space on a single floor. The building features 16- to 21-foot ceilings, a floor-to-ceiling window line, a 7,000-square-foot pitched skylight on the second floor, skylights throughout third floors, abundant parking and eight loading docks. Doug Harmon, Adam Spies, Adam Doneger and Josh King of Eastdil brokered the sale of the property, while Grant Frankel and Rob Turner, also of Eastdil, arranged acquisition financing for the transaction.

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