Sotheby's Acquires Office Building In Long Island City For $82M

An office asset located at 25-11 49th Avenue in Long Island City was recently sold. The property, spanning 240,000 square feet, was sold for a total of $82,000,000, yielding a price per square foot of $341. The transaction took place on February 24, 2022.

Summary of Transaction Details:

• Property Type: Office
• Transaction Amount: $82,000,000
• Address: 25-11 49th Avenue
• Market: Long Island City
• Square Footage: 240,000

The buyer of the property was Sotheby's, while the sellers were Columbia Property Trust and State Street. The deal was facilitated by brokers from Cushman & Wakefield, namely Josh King, Adam Spies, Adam Doneger, and Avery Silverstein.