Metropolitan Realty Associates along with equity partner TH Real Estate have acquired a Long Island City warehouse for $55 million. Located on 35th Street, the three story 246,000 sqf warehouse was originally built in 1949 and was last sold nearly 40 years ago. The building is currently 79 percent leased, with international shipping company AirSea Packing occupying 100,000 sqf. Jeff Unger and Neil Dolgin of Kalmon Dolgin represented the Matsil family in the sale of 48-49 35th Street. Law firm Duval & Stachenfeld provided legal services to the buying entity.
“MRA intends to maintain the property in its current industrial use,” said Todd Bassen, MRA’s managing partner and chief investment officer. “With more and more warehouse and distribution properties in LIC being redeveloped into residential, office and retail space, industrial users increasingly struggle to find quality properties in the neighborhood. The former Matsil building will serve these tenants’ needs for years to come.”