LargaVista Cos. announced the acquisition of a Long Island City warehouse/office building located at 30-10 41st Ave. According to documents filed with the city, the company paid a little over $27 million for the asset.
A long-time owner in the area, LargaVista is excited to be taking on this new project. CEO Marcello Porcelli expressed confidence in the Long Island City office market: “It continues to evolve as a center for creative thinking, artistic expression and an ideal place to live and work. We think more and more companies want to feed off that energy and base their operations here.”
New York City office sales data fully supports that confidence – the CommercialCafe five-year office market analysis found that Queens is emerging as an office market in its own right and continues to attract investors that are shifting their interest from high-end Manhattan to the more modestly priced outer boroughs. Consequently, the average price per square foot in Queens rose 116% since 2012, resting at $762 last year.
As far as plans for this building go, LargaVista’s COO Adam Wood added: “We are looking at many options with respect to the repositioning of this asset. We not only want to enhance the desirability of this building for commercial tenants, but also activate the base of the building and provide a unique amenity for the surrounding area.”
Good fortune does seem to have shined on this one: the four-story industrial/office building is very well located in the way of mass transit and its proximity to Midtown is a clear advantage. Moreover, according to city records, the 46,808-square-foot building has almost 100,000 unused buildable square feet. On top of that, it is only a short walk from Tishman Speyer’s planned 1.1 million-square-foot office/retail development at 28-10 Queens Plaza South, which is slated for completion in 2019.
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