Newmark, Olmstead Close $61M LIC Purchase
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43-01 22nd St., Long Island City
New York—Newmark Holdings and Olmstead Properties have acquired 43-01 22nd St., a six-story, 225,000-square-foot office property in Long Island City, for a total of $61 million. The asset is located in the heart of the Courthouse Square section of the neighborhood, and had been previously family-owned since the 1920s. The joint venture partners now share equal ownership of the building, co-CEOs Eric Gural and Brian Steinwurtzel of Newmark Holdings announced.
“We are delighted to add this property to the Newmark Holdings portfolio and increase our footprint within Long Island City, which has been experiencing tremendous growth over the past several years,” Steinwurtzel said in a statement. “Long Island benefits from subway lines directly feeding Grand Central (five minutes), the Port Authority (12 minutes) and Penn Station (15 minutes).”…
