Vornado Realty Trust, the New York-based equity real estate investment trust, announced this week that it had purchased the Center Building, an 8-story 437,000 square foot office building, located at 33-00 Northern Boulevard in Long Island City, New York. Vornado acquired the building from Madison Marquette and Perella Weinberg, according to David Robinov, the managing director of sales at Ackman-Ziff Group, who represented the sellers along with Marc Warren, a managing director at the brokerage. The purchase price was $142 million, including the assumption of an existing $62 million 4.43% mortgage maturing in October 2018.
"Following the sale of a nearby building at over $300 per square foot, the ownership wisely took advantage of the increased demand for LIC buildings and engaged Ackman Ziff to recapitalize the Center Building, just two years after acquiring the asset," Robinov told GlobeSt.com. "There has been significant appreciation in Long Island City in the past few years," he explains. "The sellers were looking to capture and monetize the increase in the asset's value. We found very deep investor interest in this property, supporting the buyer's expectation that there will be growing demand from TAMI tenants for large floor plate buildings, and continued rental rate growth."
The Center Building is a multi-tenant combination use office property with ground floor retail and light industrial located on busy Northern Boulevard in Long Island City, borough of Queens, New York City. Located directly on the M&R subway lines and minutes to Midtown Manhattan, the eight-story office building consists of approximately 444,606 rentable square feet situated on 1.44 acre-site. The building was 98% leased at the time of sale with major tenants including Human Resources Administration, with 149,400 square feet, the New York City Transit Authority, which occupies 109,625 feet and New York Foundling Hospital, which leases 35,000 square feet.
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