Hedge funder Daniel Loeb is going in on Long Island City’s emerging office market after buying a stake in a 150,000-square-foot former warehouse in the Queens neighborhood.
Loeb’s Third Point investment fund is partnering with real estate firm Brickman, which bought the building at 30-02 48th Avenue for $21 million two years ago. The group plans to spend millions refurbishing the three-story building, with a new lobby, elevators and a roof deck in the works.
Third Point’s stake in the project and how much the partnership expects to invest in renovations was not disclosed, according to Crain’s. Eastdil Secured brokered the Loeb fund’s acquisition.
Major real estate firms have increasingly looked to the Long Island City office market in recent months, with Vornado Realty Trust recently acquiring the Center Building for $142 million and RXR Realty paying $110 million for the Standard Motor Products Building. [Crain’s] – Rey Mashayekhi