World Famous Auction House Buys LIC Office Building for $82M
A brand new, 9-story office building at 25-11 49th Avenue in Long Island City, Queens has just been sold for $82 million. Known as, "Gantry Point", it was purchased by Southeby's, the renowned fine art auction house, in a deal brokered by Cushman & Wakefield. Offloading the building was its developer, , who just wrapped up the project this past year.
Designed by , Gantry point stands feet tall and totals square feet. The structure at its base used to be a 2-story warehouse, which was completely renovated and redeveloped. General contractor, , was tasked with adding the additional 7-floors.
The interior contains modern and customizable office spaces, with large floor plates. As-is, the suites have flexible floor plans, making them highly configurable to meet the tenant's needs.
The building also has a landscaped front yard area, and 4 separate roof terraces, totaling over 7,000 square feet. Large panoramic windows direct plenty of natural light inside and showcase the fantastic nearby views of Manhattan and LIC.
According to Jean-Luc Berrebi, Sotheby's Chief Financial Officer, the firm purchased Gantry Point “to establish state-of-the-art operations to support our growth ambition”, adding that Sotheby's "plans to centralize its processing and warehousing operations at the site".