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Pearl Realty Management Acquires Commercial Property From RXR In Long Island City For $42.75M

Property Image
SOLD
$42,750,000
Brett Siegel
Joshua King
Daniel (Dan) O'Brien
+ 1

New York

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Mixed-use299,802 SF
Sold 09/16/2025
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Property Image
SOLD

Pearl Realty Management Acquires Commercial Property From RXR In Long Island City For $42.75M

37 18 Northern Boulevard

See Similar Deals
Mixed-use299,802 SF
Sold 09/16/2025
Brett Siegel
Joshua King
Daniel (Dan) O'Brien
+ 1
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$142
Total Square Footage:299,802 SF
Transaction Type:Sale

The property located at 37-18 Northern Boulevard in Long Island City is classified as a commercial asset. The sale transaction was finalized at a price of $42,750,000, encompassing a total square footage of 299,802 and a price per square foot of $142.

Summary of transaction details:

  • Property Type: Commercial
  • Transaction Amount: $42,750,000
  • Square Footage: 299,802
  • Price per Square Foot: $142
  • Buyer: Pearl Realty Management
  • Seller: RXR
  • Broker Representatives: Brett Siegel, Daniel O'Brien, Joshua King, Adam Spies - Newmark

The deal was represented by brokers Brett Siegel, Daniel O'Brien, Joshua King, and Adam Spies from Newmark, who facilitated the transaction between the buyer, Pearl Realty Management, and the seller, RXR, contributing their expertise in the Long Island City market.

Players

Brett Siegel
Newmark
Brett Siegel
75 deals$6.4B volume(212) 372-0798
BROKER
Adam Spies
Newmark
Adam Spies
263 deals$71.8B volume(212) 841-7500
BROKER
Joshua King
Newmark
Joshua King
115 deals$32.8B volume(212) 850-5427
BROKER
Daniel (Dan) O'Brien
Newmark
Daniel O'Brien
146 deals$4.7B volume(212) 698-5584
BROKER
Newmark
Newmark
BROKERAGE
PM
Pearl Realty Management
BUYER
RXR Realty
RXR Realty
SELLER

Details

SOLD
IMAGE: Scott Rechler, Adam Spies, Brett Siegel, Joshua King & Daniel O'Brien DATE: 9/16/2025 ADDRESS: 37-18 Northern Boulevard - Standard Motor Products MARKET: Long Island City ASSET TYPE: Commercial BUYER: Pearl Realty Management SELLER: RXR (@One_RXR) BROKERS: Brett Siegel (@BSieges), Daniel O'Brien, Joshua King & Adam Spies - Newmark (@Newmark) SALE PRICE: $42,750,000 SF: 299,802 ~ PPSF: $142

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$2,280,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$151,881.72
Cash-on-Cash Return-1.27%
Monthly Debt Service$202,656.81
Annual Debt Service$2,431,881.72