Madison Marquette Picks NGKF to Market Center Building in LIC
Madison Marquette has selected Newmark Grubb Knight Frank to market The Center Building in Long Island City, which city records show the firm and its partners purchased for $84.5 million late last year.
The 500,000-square-foot building at 33-00 Northern Boulevard, a former assembling plant for Ford Model T’s, hit the market last year when Brooklyn-based Hampshire Properties announced that it had concluded its renovation at the property.
At the time, The Real Deal reported that Hampshire had brought the property up to 100 percent occupancy, but that the lease of its anchor tenant, the Metropolitan Transportation Authority, would expire in two years.
“There is undeniable value given The Center Building’s location, space and amenities,” said NGKF’s Howard Kesseler, who will represent ownership with Jordan Gosin, in a statement.
“Its high ceilings, fiber optics and full REAP Benefits are extremely appealing,” he added, referring to the Relocation Employee Assistance Program, a New York City tax incentive program.
Mr. Kesseler and Mr. Gosin were not immediately available for further comment, but a statement from NGKF stated that vacancies include 38,801 square feet on a portion of the fifth floor and 10,000 square feet on a portion of the sixth floor.
“The Center Building has an irreplaceable location and a blue-chip tenant base,” said Madison Marquette’s Ryan Colbert, in a statement. “Howard and Jordan understand this dynamic neighborhood very well and we trust their ability to match our building with the proper mix of tenants.”
The Center Building is within a block of the M, R, N and Q subway lines, making for a 10-minute commute to Midtown Manhattan and will be marketed as an “alternative(s) to conventional office spaces offered in Manhattan,” according to the statement from NGKF.
Lobby upgrades are scheduled for the property, beyond the $13 million in capital improvements the building has seen since 2007.
Hampshire reportedly purchased the property for $12.6 million roughly 10 years ago.
*Update, 3/20/13: Jordan Gosin of NGKF said the MTA lease at the property will not expire in two years, but that it is a “long-term lease.” He declined to specify the duration of the lease, citing a confidentiality agreement.