Gander & White Leases 60,000 Square Feet At 45-11 West 33rd Street
Gander & White, the 80-year old company that provides shipping services to museums, art dealers and collectors, signed a 60,000-square-foot lease at 45-11 33rd Street in Long Island City.
Jesse Rubens of Murray Hill Properties and Lawrence Smith of Sholom & Zuckerbrot represented the landlord. Joseph Grotto of Cassidy Turley represented the tenant, which will use the space for a combination of office and storage uses.
The 10-year triple net deal–wherein the tenant pays the net taxes, insurance and maintenance–fetched $14-per-square-foot rents. There was an option for a five-year term. Gander & White won’t have to travel far to its one-story building: the company is currently located nearby in Long Island City at 21-44 44th Road.
David Greene, the president of brokerage services at Murray Hill Properties, applauded Mr. Rubens, a 20-year industry veteran, for looking beyond Manhattan for deals. Long Island City may represent an especially bright spot in the outer boroughs.
In March, FedEx announced plans to build a $56-million, 140,000-square-foot distribution center in the neighborhood. Yesterday, the storage facility Tuck-It-Away purchased a 47,000-square-foot building there for $6.1 million in a bet on the area’s continued rapid fire residential growth, which has already spawned the requisite trend pieces on gentrifying hipster parents.
Mr. Grotto could not be reached for comment.