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IN CONTRACT 48-49 35th Street: Joe Farkas of MRA to buy Matsil Bros. 256K SF Industrial Building in LIC

48-49 35th Street

Todd Bassen (Left) Joe Farkas (Right) Source: The Read Deal

 

 

 

 

Last September a 256,000 square foot property at 48-49 35th Street, hit the market in Long Island City according to The Real Deal who first reported and now that property is in contract.

Queensbeans has just learned from sources near the deal that Joe Farkas and Todd Bassen of Metropolitan Realty Associates are in contract to purchase the property for an unconfirmed price. Queensbeans has heard that the price is around $55 million or $215 per square foot.

The property is a former Queens-based clothing manufacturer warehouse. Built in 1949 as a former department store and was last traded in 1978 by Marty Lazarow’s Matsil Bros. The building has been leased to other tenants after Matsil Bros. shut down in the 1980s and has proven to be a good investment for Lazarow.

The three-story property is a distribution facility to several tenants such as AirSea Packing, an international shipping company who occupies about 100,000 square feet and is the largest tenant. The building is 80 percent leased. The vacant space includes a 40,000-square-foot penthouse and 14,000 square feet on the ground floor. Jeffrey Unger, who marketed the warehouse with colleague Neil Dolgin could not be reached for a comment. Farkas and Bassen were not available for comments and neither was a representative for Matsil Brothers.

According to The Real Deal, “Metropolitan Realty Associates and TIAA paid $273 per square foot for a 326,000-square-foot warehouse called HUB LIC at 47-25 34th Street. And late last year, the Parkoff Organization bought a Kaufman Studios building at 37-11 35th Avenue for $435 per square foot.”

Also, Normandy Real Estate Partners and Keystone Equities recently went into contract to buy a 116,000-square-foot warehouse at 25-11 49th Avenue for about $366 per square foot from Jonathan Eshaghian and Jakub Nowak of Marcus and Millichap.

Queensbeans will follow and update the progress.