Queens Multi-Story Industrial Property Lands $51M Refi

The owners paid $72 million back in late 2018 for the 312,500-square-foot asset in Long Island City.
The Matsil Building. Image via Google Street View

North River Co. and North Colony Asset Management have obtained a $51 million refinancing loan for the Matsil Building, a 312,500-square-foot industrial/flex property in Long Island City, N.Y. Cushman & Wakefield arranged the deal for the landlord, while affiliates of AIG provided the fixed-rate debt.

The duo purchased the property in December 2018, in a $72 million deal. Completed in 1949 on a nearly 3-acre lot, the recently renovated, three-story asset at 48-49 35th St. is fully leased.

The roster comprises Maquette Fine Art Services, Ralph Lauren Corp. and Motorola Solutions Inc. In February, Maquette expanded its commitment with a 10-year lease for an additional 56,300 square feet, bringing its total footprint to some 150,000 square feet at the location, as reported by the Commercial Observer.

Situated just off the Long Island Expressway and near Queens Boulevard, the property is just 2 miles east of Manhattan. The property comprises an adjacent half-acre parking lot, as well as interior loading docks.

Cushman & Wakefield’s team arranging the debt included Steve Kohn, Alexander Hernandez, Emily Johansen and Josh King, who collaborated directly with North River’s Chris Flagg, Chris Pachios and Forrest Mas.

Long Island City Industrial Activity

Last September, another industrial asset located half a mile west from the Matsil Building changed hands. MANA Products pocketed $75 million for the 214,820-square-foot asset. Traub Capital was the buyer of the three-story building.

According to a first-quarter Newmark report, Long Island City’s industrial availability was down for the first time since the fourth quarter of 2019, clocking in at 28.8. The New York City Department of Transportation chalked up one of the largest commitments of the year, taking 192,080 square feet at HUB LIC. Net absorption remained negative for the eighth consecutive quarter, but it recorded the best results since the second quarter of 2019.

North River and North Colony are also the owners of another, 140,000-square-foot industrial asset at 33-02 48th Ave., dubbed The Anable Building. Hentze-dor Real Estate is marketing 21,840 square feet for lease at the property.