Related Fund Management Snaps Up LIC Mixed-Use Building for $61M
By Cathy Cunningham August 2, 2022 10:37 amreprints
Related Fund Management has acquired the Packard Building, a 337,659-square-foot mixed-use building in Long Island City, Queens, for $61 million, Commercial Observer has learned.
The seller was the family who started cosmetics giant Mana Products, while Cushman & Wakefield’s Doug Harmon, Kevin Donner, Josh King and Willis Robbins arranged the sale, sources said.
The eight story building, at 32-02 Queens Boulevard, was built in 1931. It features ceiling heights of up to 20 feet, oversize freight elevators, flexible floor plates and 50 on-site parking spaces. Mana previously occupied the top floors of the building for business operations such as research and development, formula storage and administration.
The site’s future use couldn’t immediately be determined, but the building’s structure makes it ideal for myriad potential plays, including life sciences, warehouse/data center, flex office space and self-storage. It also allows for separate tenant entrances, should that be desirable.
The property sits close to both the Court Square and Queens Plaza subway stations, and right across the street from the 7 train’s 33rd Street-Rawson station.
In June, Mana Products also sold its 220,000-square-foot industrial asset at 27-11 49th Avenue in Long Island City. Metropolitan Realty Associates and Morgan Stanley Real Estate Investing purchased the building for $105.5 million in a sale-leaseback deal, as first reported by CO.
The asset sales follow Traub Capital’s acquisition of Mana Products in September 2020.
Officials at Related and C&W declined to comment. Mana officials didn’t immediately return requests for comment.
Cathy Cunningham can be reached at email@example.com