Office


47-25 34th Street

Office Conversion Planned for Four-Story Industrial Building at 47-25 34th Street, Long Island City

Metropolitan Realty Associates and TIAA are in contract to acquire the four-story, 342,000-square-foot industrial property at 47-25 34th Street, located on the corner of 48th Avenue in the Dutch Kills section of Long Island City. The property is being sold for $90 million, according to Crain’s. The eventual new owners plan to convert the building into modern office space to the tune of more than $10 million. The property is currently 55 percent vacant, with the occupied portion is being utilized as warehouse and showroom space. The sale comes two years after Brickman acquired the building for $60 million. Future office tenants will be located two blocks from the 33rd Street stop on the 7 train.


162-17 46th Avenue

Two-Story, Three-Unit Mixed-Use Building Coming to 162-17 46th Avenue, East Flushing

Flushing-based property owner Tar Wook Chang, doing business as an anonymous LLC, has filed applications for a two-story, three-unit mixed-use building at 162-17 46th Avenue, in East Flushing. The structure will measure 10,824 square feet. It will contain 3,150 square feet of office space on the ground floor, followed by three residential units on the second floor. The apartments should average 1,050 square feet apiece, indicative of family-sized configurations. There will also be a billiard parlor in the cellar level, storage space, and three off-street parking spots. Iljoong Kim’s Flushing-based Choi Design is the architect of record. The 6,000-square-foot site, located on the corner of 163rd Street, is currently occupied by a two-and-a-half-story wood-framed structure. The Long Island Rail Road’s Broadway station is located five blocks to the north.


120 West 45th Street

Renovation Planned at Tower 45, the 40-Story Office Tower at 120 West 45th Street, Midtown

Kamber Management Company is planning a $20 million renovation of Tower 45, the 40-story, 458,446-square-foot building at 120 West 45th Street, in Midtown. The office tower will see upgrades to its 175-foot-tall outdoor atrium, the lobby, and hallways and bathroom facilities throughout, plus mechanical equipment such as elevators. The 15th, 20th, 21st, and 24th floors, which are vacant, are also being renovated, according to Commercial Observer. Kohn Pedersen Fox and Milo Kleinberg Design Associates are behind the design of the renovations. Construction is expected to get fully underway later this year, with completion scheduled for summer 2017. Tower 45, completed in 1989, was acquired by Kamber in 2015 for $365 million. Amenities include a parking garage.



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