LIC Warehouse Building Sells for $20 Million Profit After One Year
47-25 34th Street, a three-story industrial building with 322,390 square feet just sold for a massive profit, reports The Real Deal. Get this: A partnership affiliated with the BLDG Management company purchased the building in February 2013 for $40,700,000; they just sold it on Friday for $60,000,000. The buyer is the Midtown-based real estate firm…
47-25 34th Street, a three-story industrial building with 322,390 square feet just sold for a massive profit, reports The Real Deal. Get this: A partnership affiliated with the BLDG Management company purchased the building in February 2013 for $40,700,000; they just sold it on Friday for $60,000,000. The buyer is the Midtown-based real estate firm Brickman.
47-25 34th Street, located between 47th and 48th avenues in LIC, operates under commercial use, with tenants like Ralph Lauren and the construction resources firm TEC Systems. Brickman plans to keep the building commercial. As someone involved with the sale told TRD: “The neighborhood seems to be on an upward trajectory in terms of leasing and sales.” An upward trajectory worth $20 mil!
Lloyd Goldman’s BLDG Sells Long Island City Building for $60M [TRD] GMAP
Photo via PropertyShark
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