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JV Buys its Second LIC Industrial Property

NEW YORK CITY—The partnership has picked up a 246,000-square-foot warehouse in the popular section of Queens, boosting its portfolio following its 2016 purchase of a similar, larger property just one block away.

48-49 35th Street The 246,000-square-foot LIC warehouse at 48-49 35th St. is 79% leased. Credit: Metropolitan Realty Associates

NEW YORK CITY—Metropolitan Realty Associates has purchased the former Matsil Bros. building—with equity partner TH Real Estate, an affiliate of Nuveen (the investment management arm of TIAA)—for $55 million. The acquisition marks MRA’s second major Long Island City acquisition.

Located at 48-49 35th St., the three-story 246,000-square-foot warehouse was originally built in 1949 and last traded hands nearly 40 years ago. It is currently 79% leased, with international shipping company AirSea Packing as the largest tenant occupying 100,000 square feet.

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Rayna Katz

Rayna Katz

Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.

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