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Long Island City Building Trades for $61M

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.

 
Reprinted with permission from the Wed, 03 Aug 2022 06:05:39 EDT online edition of GlobeSt © 2022 ALM Media Properties, LLC. All rights reserved. Further duplication without permission is prohibited, contact 877-256-2472 or reprints@alm.com.