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Demand for LIC real estate continues

Jan. 16, 2013 By Bill Parry

A large real estate investment company has acquired a Long Island City building for $84.5million.

Madison Marquette, a Washington-based investment firm, has bought the Center Building at 33-00 Northern Blvd—which is a 450,000-square foot mixed-use commercial property. It is 88% occupied and includes ground floor retail.

“Long Island City is a dynamic, highly-sought-after market which provides attractive relative value for investors,” said Aevind Bajaj, the managing director and head of the firm’s NYC office.

The company said in a statement that Long Island City has become a major focal point for office, retail, multi-family, and hotel development in New York.

In other real estate news, Tuck-It-Away, a storage company, has purchased a vacant seven story building at 37-19 Crescent St. for $6.1million. The 47,000-square foot building is 5 blocks north of the Queensboro Bridge.

The building was developed in 2008—prior to the real estate crash– and has remained empty since its construction. The building features two loading docks and a heavy duty elevator. Tuck-It-Away operates 13 storage locations, which are scattered throughout Manhattan, The Bronx, Brooklyn and New Jersey. This will be the company’s first location in Queens.

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