Keystone Equities, Normandy Real Estate Buys Industrial Building in Queens for $39.1M

by Amy Works

NEW YORK CITY — A joint venture between Keystone Equities and Normandy Real Estate Partners has acquired an industrial building located at 25-11 49th Ave. in the Long Island City neighborhood of Queens. Howard Weinstein and Scott Weinstein, owners of Candid Litho printing, sold the property for $39.1 million. The 109,200-square-foot property is zoned M1-4, which allows for a range of community facility, commercial and light manufacturing uses. The buyer plans to convert the property and utilize the air rights to expand the building to 11 stories spanning 238,000 square feet of creative office space. Jonathan Eshaghian and Jakub Now of Marcus & Millichap represented the seller and procured the buyer in the deal.

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