Updated Oct 30, 2025
Morgan Stanley Acquires Industrial Property From Blackstone In East Elmhurst For $86.7M
83 24th Avenue
$100,000,000
$857/SF
Building Size
116,596 SF
Asset Type
Industrial
Closing
Oct 16, 2025
About this deal
AI
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.
On the Map
$100,000,000
$857/SF
Industrial
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Players
Rock Island Industrial Market Snapshot
Boundary boundary · Industrial · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.16%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93