The Center Building, 33-00 Northern Boulevard
33-00 Northern Boulevard, also known as the Center Building, is being bought by Vornado for $142 million, from Madison Marquette. The 437,000 square foot office building was bought in 2012 by Madison Marquette in a joint venture partnership for over $84 million. Vornado is to assume a $62 million mortgage as part of the purchase from Madison Marquette. The eighty-story building was 80% leased when Madison Marquette took it over and is now 98% occupied.
This sale is a continuation of office activity in Long Island City. In June RXR purchased the Standard Motors building a few blocks up Northern Boulevard from the Center Building for $110 million. Recently Savanna Capital took a controlling stake in One Court Square. The amount remains undisclosed, however David Werner and his partnership purchase the 1.4 million square foot building in 2012 for $500 million, which is leased out to Citicorp until 2020.
Long Island City offices have great access to subways and landlords have upgraded their buildings to attract tenants. Local eateries such as COFFEED can be found in the Standard Motors building and The Food Box can be found at the Falchi Building.