Invesco has taken a 49 percent minority stake in a 1 million-square-foot Long Island City office property known as the Factory Building for roughly $175 million.
Atlas Capital will continue to hold a majority stake at 30-30 47th Avenue. A CBRE team represented Atlas in the deal.
Real estate insiders said the expected selling price of $175 million is based on pricing for office properties in the neighborhood
Atlas purchased the building from property investor Mark Karasick last October, paying $5 million through a deed-in-lieu and $77 million for the first mortgage, as The Real Deal reported. The property was valued at $102 million at the time. [Crain’s] — Mark Maurer