Commercial Observer | July 20th, 2016
Innovo Property Group and Westbrook Partners have purchased 24-02 49th Avenue, a seven-story office and industrial property in Long Island City, from a partnership between Rubin Schron’s Cammeby’s International and the Fruchthandler family for $195 million. The new buyers used a $136 million mortgage from ACORE Capital to fund the acquisition, sources told Commercial Observer.
Both the sale and financing closed on July 12. GFI Realty Services’ Yosef Katz andYisroel Pershin brokered the sale, and Meridian Capital Group’s Drew Anderman,Ben Nevid and Sean Robertson arranged the debt.
The seven-story, 640,000-square-foot property, which is bounded by 25th Street and 50th Avenue and sits just north of the Long Island Expressway, is almost entirely leased by the New York City Housing Authority, according to CoStar Group. The city agency occupies the first five floors, totaling 480,000 square feet, with a lease set to expire in 2020.
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