Newmark Holdings, Olmstead Properties Close on LIC Building for $61M
Last week, Newmark Holdings and Olmstead Properties sealed the deal for a six-story, 225,000-square-foot manufacturing building in Long Island City for $61 million, Brian Steinwurtzel, a co-CEO of Newmark Holdings, told Commercial Observer.
CO reported in May that the companies were in contract to buy the warehouse building at 43-01 22nd Street, which spans the entire blockfront of 22nd Street between 43rd and 44th Avenues. The partners are 50-50 owners of the 1925 Queens building.
“We will do leasing for this and Olmstead will do the management,” Steinwurtzel said. “It could very easily have been vice versa.”
The sellers were a trio of siblings led by Roger Kaufman, as CO previously noted. Steinwurtzel said when Newmark learned that Olmstead was also interested in the property, the companies decided to “join together instead of competing.”
The plan is to turn the building into an office building. Eric Gural, a co-CEO of Newmark Holdings, is handling leasing for the building, which Steinwurtzel said is two-thirds occupied by Reis Studios, which subleases space to artists. The new owners will upgrade the vacant space.
There were no brokers on either side of the deal, Mr. Gural previously told CO.