Newmark and Olmstead Close To $60M+ LIC Office Building Buy
Newmark Holdings and Olmstead Properties are under contract to pick up 43-01 22nd St in Long Island City.
It’s a 225k SF office building with a reported price tag of more than $60M. The two entities will split their ownership stakes down the middle. Roger Kaufman is the seller, along with two siblings, according to Commercial Observer.
No brokers worked the deal on either side. Plans for the roughly 90-year-old building include a new lobby, new windows, and updated elevator cabs and restrooms. The building’s tenants include office, furniture design and artist space users. A 50k SF block of space is available on the building’s fifth and sixth floors.
The property would be the third in the neighborhood to be owned in part or in full by Newmark Holdings. [CO]
