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HFF Closes the $35 Million Sale of an Iconic Office and Warehouse Property in New York City

Wednesday, November 11, 2015

47-37 Austell Place New YorkHFF recently closed the sale of iconic 47-37 Austell Place, a four-story office/warehouse building in Long Island City, New York.

HFF marketed the property on behalf of the seller, Time Equities. A partnership consisting of Drake Street Partners, Normandy Real Estate Partners and GEM Realty Capital purchased the property for $35 million. 

The property features:

  • Original development in 1916 featuring high-ceiling heights, industrial over-sized windows, open floor plans, fourth-floor penthouse and rooftop terrace views of the Manhattan skyline
  • Adaptable for multiple uses, including creative office, warehouse, ground floor retail or event space
  • 47-37 Austell Place is situated in Long Island City, bounded by Skillman Avenue to the north and 27th Street to the south
  • Short walk from the Hunters Point 7 train subway and LIRR station just across the East River from Midtown Manhattan

The HFF investment sales team representing the seller was led by managing director Jeff Julien along with senior managing director Eric Anton and associate director David Fowler.

HFF New York City is consistently recognized as one of the most successful mixed use properties commercial real estate broker in the city. HFF New York has been ranked as a CoStar Power Broker, a Top Investment Sales Firm and Top Large Loan Brokerage Firm by The Real Deal and on The Mortgage Observer’s 50 Most Important People in Commercial Real Estate Finance list.

About Time Equities Inc. 

Founded in 1966, privately-held Time Equities Inc. (TEI) has been in the real estate investment, development and asset and property management business for more than 40 years. With properties in 25 states, four Canadian provinces and Germany, the TEI portfolio consists of approximately 22.1 million square feet of residential, industrial, office and retail property. 

About Drake Street Partners 

Drake Street Partners is a private real estate company that utilizes its extensive expertise to invest in commercial real estate assets in the New York metro area. The company creates value for investors by acquiring and improving properties and focusing on repositioning, renovation and intensive asset management. 

About Normandy Real Estate Partners 

Normandy Real Estate Partners (Normandy) is a leading real estate operator and investment manager headquartered in Morristown, New Jersey, with offices in Boston and Washington, D.C. Normandy currently manages a series of discretionary real estate funds totaling approximately $1.5 billion of equity commitments. Normandy’s existing portfolio includes more than 15 million square feet of commercial assets, four hotels and numerous land development sites. Normandy targets value added real estate investments in the gateway markets of Metro New York City, Boston, San Francisco and Washington, D.C. where opportunities exist to enhance value through creative repositioning, financial restructuring, intensive management, and capital improvements.

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