Newmark Holdings, in partnership with Olmstead Properties, has announced the $61 million acquisition of 43-01 22nd Street, a 225,000-square-foot, six-story office building in the heart of the Courthouse Square section of Long Island City. Newmark Holdings and Olmstead Properties will now share equal ownership of the building, which had previously been family owned since the 1920s.
Co-CEOs Eric Gural and Brian Steinwurtzel of Newmark Holdings made the announcement.
The building, which currently houses tenants such asrenowned French furniture and interior designer Christian Liaigre, has 50,000 square feet available for lease on the two uppermost floors that offer unobstructed views of New York City. Buildingownership will implement an extensive capital improvements program to reimagine the best-in-class building, with a refreshed lobby, new windows, elevators and restrooms. In addition, any tenant who moves to the propertywill benefit from the Relocation and Employment Assistance Program (REAP), which entitles them to up to$20psfannually in benefits.
“We are delighted to add this property to the Newmark Holdings portfolio and increase our footprint within Long Island City, which has been experiencing tremendous growth over the past several years,” said Mr. Steinwurtzel. “Long Island benefits from subway lines directly feeding Grand Central (five minutes), the Port Authority (12 minutes) and Penn Station (15 minutes).”
“We have been working side-by-side with the Gural and Steinwurtzel families on this deal for the past year now and are thrilled to see it come to fruition,” said Olmstead Properties President Sam Rosenblatt. “Our grandfathers were partners generations ago and we are tremendously proud to be carrying on our longstanding relationship.”
Newmark Holdings has been an active investor in the Long Island City market, having acquired properties including 10-27 46th Avenue and 11-05 44th Drive within the last year.
Olmstead recently acquired the DKNY Building on West 40th Street in New York City. In addition to aggressively pursuing Manhattan commercial real estate investments, Olmstead plans to focus on expanding its Long Island City portfolio.
About Newmark Holdings
Newmark Holdings, led by Jeffrey Gural, Eric Gural and Brian Steinwurtzel, is a vertically integrated owner, operator, property manager and developer of commercial real estate with its 63-year-history of hands-on asset management and portfolio of more than 13 million square feet of commercial space throughout New York City.
About Olmstead Properties
Olmstead Properties, Inc. is an owner and manager of commercial properties primarily in New York City, led by its president Sam Rosenblatt. The portfolio consists of over four million square feet and has a history that spans over 80 years.
