Sales  ·  Commercial

Blackstone Picks Up Warehouse Near LaGuardia for $56M


Steel Equities has sold an East Elmhurst, Queens, FedEx warehouse, once set to be an exhibition center, to Blackstone Group for $55.5 million, city records show.

Blackstone picked up the 116,000-square-foot property at 83-15 24th Avenue across from LaGuardia Airport from Steel Equities in a deal that closed last week but was made public in property records today.

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Spokespeople for Blackstone and Steel Equities did not immediately respond to requests for comment. It was not immediately clear who brokered the deal.

Blackstone financed the purchase of the property between 83rd and 85th Streets with a $25.4 million mortgage from the national financial service organization for teachers, TIAA, property records show. A spokeswoman for TIAA did not immediately respond to a request for comment.

The two-story East Elmhurst property was the former home of the Standard Folding Cartons and Shanghai-based company Grandland bought it in 2008 for $16.5 million with plans to turn it into the Grandland New York Expo center to show off Chinese-made wares, according to property records and the Observer.

However, the project never got off the ground and Grandland sold it to Long Island-based Steel Equities in 2010 for $22.7 million, property records show.