Morgan Stanley Acquires Industrial Property From Blackstone In East Elmhurst For $86.7M

The transaction involved an industrial property located at 83-15 24th Avenue & 83-84 23rd Avenue in East Elmhurst, Queens. This asset was sold for a total price of $86,700,000, encompassing a total square footage of 116,596.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $86,700,000
• Address: 83-15 24th Avenue & 83-84 23rd Avenue
• Market: East Elmhurst, Queens
• Buyer: Morgan Stanley
• Seller: Blackstone
• Brokers: Tyler Peck, Andrew Scandalios & John Huguenard - JLL

This transaction was facilitated by Morgan Stanley as the buyer, purchasing the asset from Blackstone. The brokerage team representing the deal consisted of Tyler Peck, Andrew Scandalios, and John Huguenard from JLL, playing a crucial role in the negotiations and execution of the transaction.