MADISON, PERELLA BUY LONG ISLAND OFFICE BUILDING FOR $84.5M

by admin

NEW YORK CITY — Madison Marquette and certain funds within the Perella Weinberg Partners' asset-based value strategy have acquired The Center Building in Queens for $84.5 million. The 450,000-square-foot building is located at 33-00 Northern Blvd., immediately above the 36th Street subway station. Originally built in 1915, the property includes a 62-space underground parking garage and a ground-floor restaurant. The building is 88 percent leased to government agencies such as the Human Resources Administration and New York City Transit Authority. Andrew Scandalios, Jose Cruz, Jeffrey Julien and Kevin O'Hearn led the HFF team that represented the seller, Hampshire Properties, in the transaction.

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