Emmes Asset Management, together with one of its U.S. pension fund clients, acquired a vacant four-story industrial loft building at 47-16 Austell Place in the Factory District of Long Island City, Queens for approximately $13.5 million.
Emmes is implementing a multi-million dollar capital improvement program, repositioning the former storage and distribution center into a multi-tenanted commercial complex with ground floor retail and local artisanal uses.
Pinnacle Realty of New York represented the seller and the team of Cushman & Wakefield / JRT Realty Group, Inc. has been engaged to lease the building.