Fine Arts Logistics Company Maquette Expands Again in Long Island City
By Nicholas Rizzi February 2, 2021 1:24 pm
reprints
Fine arts logistical company Maquette inked another deal to expand its New York City headquarters in Long Island City, Queens, Commercial Observer has learned.
Maquette signed a 10-year lease for an additional 56,200 square feet on the first floor of North River Company’s (NRC) The Matsil Building at 48-49 35th Street, according to the landlord. The deal brings Maquette’s total footprint in the building to 150,910 square feet.
An NRC spokesperson declined to provide the asking rent, but CoStar (CSGP) Group data estimates it’s between $23 to $24 per square foot.
Maquette first moved into a 46,860-square-foot space in the warehouse building between Hunters Point and 48th avenues in 2019 and took another 47,850 square feet in June, as CO previously reported. It plans to move into its new digs on March 1, NRC said.
“The COVID pandemic has undoubtedly impacted the art world in a major way, but collectors are still buying,” Jason Smith, a co-founder of Maquette, said in a statement. “As the vaccine brings the promise of the re-opening of more galleries and institutions, we anticipate further demand for our expert services in the management, storage and transportation of fine art and are delighted to open our expanded, climate-controlled space at The Matsil Building.”
NRC bought the three-story, 246,000-square-foot, 48-49 35th Street — previously home to clothing manufacturer the Matsil Bros. — with North Colony Asset Management for $72 million from Metropolitan Realty Associates and TH Real Estate. Maquette’s latest expansion brings the property to full occupancy, according to NRC.
Chris Pachios and Forrest Mas of NRC handled the deal in-house for the landlords. Maquette had no brokers. Pachios said in a statement that NRC was “delighted to have Maquette as a tenant” and to be able to “provide flexibility within our portfolio with turnkey specialty warehouse space that will serve their needs for many years to come.”
