Key will be finding the right tenant
The Kaufman Organization has signed a 99-year ground lease for 21-01 51st Avenue in Long Island City. Kaufman will gut-renovate the 65,000-square-foot industrial building and reposition it as a loft-style office property with street retail.
Dig Deeper: Kaufman Principal Michael Kazmierski explained to the Daily Beat that the likely tenant will be a user who will occupy the entire building. The space seems primed for a boutique flagship campus for a creative office, retail, or entertainment concept.
Steven Kaufman emails the Daily Beat: “The property is within just a few blocks from the 7, G and Long Island Railroad, providing access literally within minutes from and to Manhattan, Brooklyn and other areas of Queens.”
Takeaway: With a very solid location, the key will be finding the right tenant. Nice deal.