Paul D. Kazilionis’s Westbrook Partners and Innovo Property Group have closed on 23-02 49th Ave, a 656,000 square foot Queens’s office building for $195 Million from Cammeby’s International and the Fruchthandler family along with Yosef Katz, the managing director of investment sales at GFI Realty Services LLC and part of the team that brokered the deal
The building is currently serving as the home for New York City’s Housing Agency. This sale signals the buyers’ long-term belief in the Long Island City market, which has been among the city’s hot spots for office investment outside of Manhattan, Mr. Katz said.
Although NYC Housing Agency is currently occupying about 67% of the building which is around 440,000 square feet until 2020; the ideal plan for this building would be to convert the building into office space to generate maximum income once the lease expires.
“You are dealing with a buyer who believes in the long-term success of the market and not someone who is in and out in 18 months,” Mr. Katz said.
This sale marks another major deal in Long Island City, which is an indicator of a still very strong and active market.