Marcus & Millichap Inc.
09/12/2024 | Press release | Distributed by Public on 09/13/2024 17:12
Marcus & Millichap Brokers $8.5 Million Sale of Industrial and Office Properties in Queens
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Marcus & Millichap Brokers $8.5 Million Sale of Industrial and Office Properties in Queens
September 12, 2024
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NEW YORK, Sept. 12, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of adjacent industrial and office properties in Queens, New York, for $8.5 million.
"The $8.5 million sale of 37-11 Vernon Blvd. in Long Island City highlights both the strength of the local industrial market and the creative strategies we use to benefit our clients, especially in an environment with financing challenges," says Jakub Nowak. "By structuring a triple net lease for the adjacent 814 37th Ave. property, with the buyer as the tenant, we enabled the buyer to take operational control of the entire asset without having to finance the full acquisition upfront. This approach benefited both parties and secured a well-capitalized deal in one of New York City's most sought-after industrial hubs."
Nowak, investment specialist in Marcus & Millichap's Manhattan office, exclusively marketed the property on behalf of the seller, Vernon Associates LLC, and procured the buyer, a local private investor.
The properties, located at 37-11 Vernon Blvd. and 814 37th Ave., include a total of 18,440 square feet of building space and a 6,560-square-foot open lot for shipping and parking. The buildings feature 20-foot ceilings, heavy power, offices, conference rooms and overhead crane space. The site offers significant development potential with M1-3 zoning, allowing up to 150,000 square feet of buildable space for industrial, office, or commercial uses.
The location, just four blocks north of the Queensboro Bridge, is near Manhattan's east side and major traffic arteries, including the Long Island Expressway, the Midtown Tunnel, and the Brooklyn-Queens Expressway.
"The $8.5 million sale of 37-11 Vernon Blvd. in Long Island City highlights both the strength of the local industrial market and the creative strategies we use to benefit our clients, especially in an environment with financing challenges," says Jakub Nowak. "By structuring a triple net lease for the adjacent 814 37th Ave. property, with the buyer as the tenant, we enabled the buyer to take operational control of the entire asset without having to finance the full acquisition upfront. This approach benefited both parties and secured a well-capitalized deal in one of New York City's most sought-after industrial hubs."
Nowak, investment specialist in Marcus & Millichap's Manhattan office, exclusively marketed the property on behalf of the seller, Vernon Associates LLC, and procured the buyer, a local private investor.
The properties, located at 37-11 Vernon Blvd. and 814 37th Ave., include a total of 18,440 square feet of building space and a 6,560-square-foot open lot for shipping and parking. The buildings feature 20-foot ceilings, heavy power, offices, conference rooms and overhead crane space. The site offers significant development potential with M1-3 zoning, allowing up to 150,000 square feet of buildable space for industrial, office, or commercial uses.
The location, just four blocks north of the Queensboro Bridge, is near Manhattan's east side and major traffic arteries, including the Long Island Expressway, the Midtown Tunnel, and the Brooklyn-Queens Expressway.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.