Industrial Properties in Flushing Trade for $51M: Ripco
By Mark Hallum March 21, 2023 12:18 pmreprints
Four industrial buildings in Queens have changed hands for a sum of $51 million, Commercial Observer has learned.
Ever River Realty acquired the properties from Robert Mannheimer. They total 66,423 square feet, and the new owner plans to hold on to them as an investment with redevelopment potential, according to Ripco Real Estate.
Situated entirely in Flushing, Queens, the portfolio includes 34-65 Collins Place, 133-16 35th Avenue, 134-07 Northern Boulevard and 132-56 34th Avenue.
Ripco’s Stephen Preuss and Kevin Louie represented the seller in the transaction while Preuss and head of debt advisory Steven Sperandio arranged $30.5 million in financing from Deutsche Bank.
“This market mover of a disposition includes four assets and seven total lots sold for record metric pricing of $768 per square foot and a 2.11 percent in-place capitalization rate,” Preuss said in a statement.
Mannheimer and Ever River Realty could not be reached for comment.
The buyer also sees potential in the Special Flushing Waterfront District, which could change the face of the mostly industrial section of northeast Queens.
Approved by the New York City Council in December 2020, the rezoning could add up to 1,725 units of housing, 400,000 square feet of office and community space, an 879-room hotel and 286,930 square feet of retail space on a stretch of wetlands known as Flushing Creek.
Ever River Realty will use the facilities for day-to-day business operations while possibly looking to pursue rezoning for the seven parcels to capitalize on the changes happening with the adjacent waterfront, according to Ripco.
It wouldn’t be the first transaction Ripco has arranged in which investors were keeping the waterfront district in mind.
In October, Hang Dong Zhang purchased 138-28 Northern Boulevard, a 13,702-square-foot building, for $48 million from Kit Realty, with the hopes of developing condominiums, CO reported at the time.
Mark Hallum can be reached at email@example.com.