Drake Street Partners Acquires Property In Long Island City For $39.1 Million

The property asset involved in this transaction is a low-rise industrial building located at 2511 49th Ave, New York, NY, in the Long Island City market. The purchase price was $39,100,000.00, and the property spans a total of 135,000 square feet. The developers plan to convert and expand this vacant two-story property into an 11-story building with a total of 238,000 square feet.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $39,100,000.00
• Address: 2511 49th Ave, New York, NY, 11101
• Market: Long Island City
• Buyer's Representative: Joshua (Josh) King, Adam Doneger (Newmark)
• Seller's Representative: Joseph Soufeh (Venture Capital Properties)
• Borrower's Representative: Aaron Niedermayer (JLL)
• Broker: Adam Spies (Newmark)
• Buyer: Drake Street Partners
• Seller: Not specified
• Total Square Footage: 135,000
• Planned Completion: Summer 2019

The deal took 17 months to finalize, during which the developers arranged a mortgage from Deutsche Bank to facilitate the purchase and fund the subsequent project. Alongside Stuart Milstein's Drake Street Partners, the developers teamed up with another unidentified investor for the transaction.