Metropolitan Realty Associates Renames Former Matsil Bros. Building and Signs New Tenant Post Acquisition

9/7/17

Long Island City Warehouse Becomes COMMERCE LIC

Shortly after acquiring the former Matsil Bros. warehouse in Long Island City (LIC), Metropolitan Realty Associates LLC (MRA) Founder and CEO Joseph Farkas is pleased to announce that the property—now known as COMMERCE LIC—has just one remaining availability following a newly-signed 17,500-square-foot lease with an undisclosed prime-credit tenant.

“This quick lease-signing again demonstrates that high-quality industrial properties are in major demand with tenants in this market, which continues to have an extremely tight vacancy rate,” said Mr. Farkas. “COMMERCE LIC's infrastructure and location has great appeal for this new-to-LIC tenant, which plans to use the space for manufacturing, distribution and offices at the site."

Located at 48-49 35th Street, the three-story property is a 246,000-square-foot warehouse that MRA purchased in March 2017 with equity partner TH Real Estate, an affiliate of Nuveen (the investment management arm of TIAA).

The new tenant, a global communications equipment provider, is taking a ground-floor unit with two dedicated loading docks. It joins international shipping company AirSea Packing, which is the largest tenant occupying 100,000 square feet.

The property’s remaining availability is a 50,000-square-foot unit on the entire third floor with a dedicated loading dock and freight car. The building also has a private surface parking lot for 71 cars.

“MRA has a strong track record of developing all types of properties and finding their highest and best use in their markets,” said Kalmon Dolgin's Jeff Unger, the leasing agent for the building. “COMMERCE LIC is another example of MRA’s ability to read the needs of the neighborhood.”

The warehouse is MRA and TH Real Estate’s second acquisition in the LIC market. Last year, they bought HUB LIC, a 326,000-square-foot industrial property located on 35th Street, a block away from COMMERCE LIC. Featuring high ceilings, a floor-to-ceiling window line, and an available 110,000-square-foot, full floor with a 7,000-square-foot skylight, MRA plans to fully convert the property into office and retail space.

MRA was also behind the successful ground-up development and lease-up of Riverdale Crossing in the Bronx. Before the 165,000-square-foot outdoor shopping mall’s overhaul, it was the former Stella D’Oro factory site. MRA sold the revived property in 2015 to a New York City pension fund for $133 million.

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