Scott Rechler’s RXR Realty paid $110 million for a 315,000-square-foot warehouse-like building in Long Island City that is home to Muppet empire the Jim Henson Company.
The six-story building at 37-18 Northern Boulevard is referred to as the Standard Motors Building because car engine parts have been manufactured there for 95 years. In 2012, urban farm Brooklyn Grange sought to open five locations in addition to the 40,000-square-foot one they operate atop the building, as previously reported.
The sales price is nearly triple what Acumen Capital Partners paid in 2008 — $40 million.
Last week, RXR and partners acquired 530 Fifth Avenue in Midtown East for nearly $600 million, as previously reported.
Published: June 26, 2014
Filed Under: Acquisition
The RXR platform manages 69 commercial real estate properties and investments with an aggregate gross asset value of approximately $18.1 billion, comprising approximately 24.6 million square feet of commercial properties, inclusive of a multi-family residential portfolio of approximately 2,600 units under operation or development, and control of development rights for an additional approximately 3,600 multi-family and for sale units in the New York Metropolitan area. Gross asset value compiled by RXR Realty in accordance with company fair value measurement policy and is comprised of capital invested by RXR and its partners, as well as leverage.