Long Island City Building Trades for $61M
Related Fund Management has acquired the 337,659-square-foot mixed-use building.
GlobeSt.com has learned from a source that The Packard Motor Building, a 337,659-square-foot mixed-use building located at 3202 Queens Boulevard in Long Island City, has traded for $61 million.
Related Fund Management acquired the property from the family who founded Mana Products. Cushman & Wakefield’s Doug Harmon, Kevin Donner, Josh King and Willis Robbins exclusively brokered the sale.
C&W declined to comment on the transaction.
The eight-story building offers 50 on-site private parking spaces for tenants, 13-to-20-foot ceiling heights, oversized freight elevators and flexible floorplates. The property is ideal for a wide range of uses including life science, warehouse/flex office space, data center and self-storage. The asset also gives tenants the ability to have separate entrances.
The property is transit-oriented, located directly across from the 33rd Street – Rawson Subway station, which services the 7 train. Additionally, it is in close proximity to the Court Square and Queens Plaza subway stations, providing potential tenants and employees direct subway access to Downtown and Midtown Manhattan in less than 15 minutes.