Long Island City will soon be home to a new 208,000-square-foot lab and research facility at 43-10 23rd Street. The existing seven-story office building was acquired by Longfellow Real Estate Partners, which has partnered with Sculptor Real Estate for a ground-up redevelopment of the property.
The gut renovation is expected to last around 19 months and will begin immediately. Occupants will enjoy characteristics quite unique to other lab and research facilities in New York City including oversized industrial windows, flexible floorplans with minimal support columns, and private outdoor space. When complete, the property will debut as 43TEN.
“New York City has made it clear the life sciences are a top priority for the city’s economy moving forward,” said Longfellow CEO Adam Sichol. “With renowned institutions, deep talent pool, and continued innovation, New York City is primed for growth in the life sciences, and Longfellow is dedicated to providing world-class space for innovators to continue their life-changing work.”
The acquisition marks the first asset in the New York City market for Longfellow Real Estate Partners, the largest privately owned commercial developer of life science buildings in the country. The sale was arranged by Cushman & Wakefield, which also arranged $155 million in debt financing for the transaction from Square Mile Capital.
“As Longfellow continues to build off our national portfolio, 43TEN is not only significant because it is our first acquisition in New York City, but it also shows our commitment to the region and belief in its future successes,” said Longfellow managing director Northeast Ben Sayles. “Longfellow is here to partner with our tenants and meet the demand of a thriving, growing life science ecosystem in the city.”
43TEN is expected to enter the market in the second quarter of 2023.