Blackstone Group Acquires Industrial Property In East Elmhurst, Queens For $55.5M

An industrial property located at 83-15 24th Ave. in East Elmhurst, Queens has been sold for $55.5 million. The property spans 116,000 square feet, resulting in a price per square foot of $478. The transaction took place on February 13, 2019.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $55.5 million
• Address: 83-15 24th Ave.
• Market: East Elmhurst, Queens
• Square Footage: 116,000
• Price per Square Foot: $478

The buyer of the property was Blackstone Group, while the seller was Steel Equities. The sale was facilitated by HFF, with Tyler Peck, Mike Tepedino, Andrew Scandalios, and David Giancola representing the parties involved.