Keystone Equities Acquires Property From Candid Litho Printing For $39.1M In Long Island City

The property asset involved in the transaction is an industrial building located at 2511 49th Ave, Queens, NY, 11101, within the Long Island City market. The building, spanning 109,200 square feet, was sold for $39,100,000.00. It is zoned M1-4, allowing for various community facility, commercial, and light manufacturing uses.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $39,100,000.00
• Address: 2511 49th Ave, Queens, NY, 11101
• Market: Long Island City
• Seller: Candid Litho Printing
• Buyer: Keystone Equities
• Seller's Representative: Jonathan Eshaghian - Marcus & Millichap
• Buyer's Plan: Convert the property and utilize air rights to expand it to 11 stories spanning 238,000 square feet of creative office space.

The deal involved a joint venture between Keystone Equities and Normandy Real Estate Partners, marking a significant acquisition from the owners of Candid Litho Printing, Howard Weinstein and Scott Weinstein. Jonathan Eshaghian and Jakub Now of Marcus & Millichap represented the seller and facilitated the procurement of the buyer in this transaction.