CineMagic Companies Acquires Industrial Property In Long Island City For $19.1M

A 52,500 square foot industrial property located at 47-50 30th Street in Long Island City has been sold for the price of $19,100,000. The property was purchased by CineMagic Companies from Alexandria Real Estate Equities. The sale price translates to a price per square foot of $364.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $19,100,000
• Address: 47-50 30th Street, Long Island City
• Market: Long Island City
• Buyer: CineMagic Companies
• Seller: Alexandria Real Estate Equities
• Brokers: Daniel O'Brien & Joshua King - Newmark; Garett Varricchio - Cushman & Wakefield
• Square Footage: 52,500 SF
• Price per Square Foot: $364

Daniel O'Brien, Joshua King, and Garett Varricchio represented their respective parties in the transaction, with O'Brien and King acting as brokers for Newmark, and Varricchio representing Cushman & Wakefield.