4725-34 Associates LLC sold an industrial building in Long Island City, New York for $40.7 million this month. Two tenants-in-common entities, managed by BLDG Management, purchased the property at 47-25 34th Street. RFK's investment sales and advisory service team of Jeff Fishman, president, Brian Segall, senior director, Robert Goldman, analyst, and David Abrams, associate, represented both the buyer and the seller in the transaction.
"The recent surge in residential and hotel development in Long Island City has created a squeeze on the availability of prime industrial space," said Jeff Fishman. "This is evidenced by the impressive tenant roster in this high-quality industrial building."
Originally built in 1924, the 322,390 square-foot industrial building stands three stories tall on a 126,333 square-foot lot. Current tenants include Polo Ralph Lauren, Gander and White, and Eleni's Bakery.
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