Aug. 4, 2022 By Michael Dorgan
A large 8-story building that spans half a block on Queens Boulevard in Long Island City has been sold for more than $60 million, according to Queens Post sources.
Mana Products, a major cosmetics manufacturer, has sold its 32-02 Queens Blvd. property for $61 million to Related Fund Management, a Manhattan-based real estate investment firm.
The real estate company is affiliated with Related Companies, which is the developer behind Hunter’s Point South Commons in Long Island City as well as Hudson Yards in Manhattan.
It is unclear what Related’s plans are for the 340,000-square foot building, which is known as The Packard Motor Building.
The Queens Post reached out to Related, but its representatives declined to comment. Meanwhile, Cushman & Wakefield, the brokerage firm that arranged the sale, also chose not to comment.
The building was constructed in 1931 and is situated between Van Dam Street and 32nd Place and takes up the northern half of the block. Mana had owned the property since the 1970s and still partially occupies it today.
Mana currently occupies the top half of the building, with the remaining floors leased to an array of commercial tenants.
The cosmetics company, which has another facility in Long Island City, is likely to shift its entire operation to 27-11 49th Ave. in Hunters Point.
Since 2019, Mana has been looking to move its operations to the 49th Avenue building. The company uses the 49th Avenue site to assemble, package and warehouse its goods.
The products are currently manufactured at the Queens Boulevard site and then transported to the 49th Avenue facility.
The Queens Post reached out to Mana Products for comment but has yet to receive a response.
Come on, we all know what that building is going to become- unaffordable “luxury” apartments.
I guess this will be another Luxury Tower for the rich. When does the OVER development END ??????
Why would they sell the at such a low price? Seems fishy…