RIPCO Real Estate successfully completed the sale of a multi-story flex building, known as The Noodle Factory, located at 21-07 41st Ave. in Long Island City. The property was sold for $20,500,000 and features six stories with over 118,500 rentable square feet. It has recently undergone $13 million in capital improvements.
The buyer entity for this transaction was Pearl Realty LLC while RIPCO represented the seller with a listing team led by Stephen R. Preuss Sr., vice chairman of investment sales and Andreas Efthymiou, VP of investment sales.
According to Preuss: “The sale of The Noodle Factory highlights the continued demand for prime outer-borough markets like Long Island City.” He also added that they were able to find an ideal buyer who recognized the value and potential of this property as part of their existing portfolio through a 1031 exchange.
Currently partially leased out to various tenants such as Sadowsky Guitars, Future Memories American Bridge Company Elitis Inc., Parsons-Meares Ltd., and Radio City Productions LLC; it is evident that this building holds great potential for future growth opportunities.
