30-02 48th Avenue ("The Bindery")
New York, NY
Brickman acquired the fee simple interest in 30-02 48th Avenue, a 139,000 square foot flex-office and industrial Property located in Long Island City, NY for an all cash offer of $21 million. The 3-story multi-tenant building, built originally in 1926 as a light industrial warehouse and distribution facility, was 94% occupied at acquisition by a mix of publishing, light manufacturing, fashion and showroom tenants. The Property serves as a lower cost alternative to Manhattan for companies seeking large format spaces with distribution capabilities. The Property gave the Fund an opportunity to acquire a well-located asset with below market in-place rents at a highly attractive basis of $151 per square foot.
Property type: Office
Investment type: Equity
Size: 163,986 SF
Investment date: July 2013
Upon acquisition of the Property, Brickman took over negotiations that the former building owner was involved in regarding certain tenant expansion and extension rights and embarked on some moderate capital improvements in order to enhance the building's curb appeal. Brickman’s ultimate business plan is to reposition the building from a predominantly industrial building to a more creative office space with distribution capabilities.