Longfellow Real Estate Purchases Majority Stake in LIC Life Science Asset

Columbia Property Trust and Kassabian Realty have sold a majority interest in the 200,000-square-foot life sciences property at 43-10 23rd Street, Long Island City. The equity stake transaction marks Longfellow Real Estate Partners foray into New York City’s life sciences market. The deal fetched an all-in basis of just under $1,100 per square foot, Longfellow agreeing to pay roughly $95 million, or $475 per square foot, for the stake, in addition to planning to invest $120 million to convert the property into a state-of-the-art life sciences building.

Source:    https://commercialobserver.com/2021/12/longfellow-long-island-city-life-sciences/