Marcus & Millichap, a leading real estate investment firm, recently finalized the sale of two neighboring properties in Long Island City, Queens for $8.5 million. The transaction was facilitated by Jakub Nowak, an investment specialist at Marcus & Millichap’s Manhattan office who exclusively marketed the property on behalf of the seller, Vernon Associates LLC. The buyer was a local private investor.
According to Nowak: “The recent sale of 37-11 Vernon Blvd in Long Island City is a testament to both the strength of the local industrial market and our innovative strategies that benefit our clients even in challenging financing environments.” By structuring a triple net lease for one of the properties (814 37th Ave), with the buyer as tenant, we were able to give them operational control over both assets without requiring full upfront financing. This mutually beneficial approach resulted in securing a well-capitalized deal within one New York City’s most desirable industrial hubs.”
The two properties involved are located at 37-11 Vernon Blvd and 814 37th Ave and together offer approximately18,440 square feetof building space along with an open lot spanning6 ,560 square feetfor shipping and parking purposes.
This successful transaction showcases Marcus & Millichap’s expertise in navigating complex deals while delivering favorable outcomes for all parties involved.
