The 300,000-square-foot, six-story Standard Motors Building at 37-18 Northern Boulevard in Long Island City will soon be transformed into a $40.6 million mixed-use, commercial loft development that will also offer ground-floor retail space. Purchased by a JPMorgan Chase-backed pension fund, the project has been in the works for some time. Standard Motors Products, which has outsourced much of its manufacturing operations from the site, wanted to sell the building for the highest possible price, but also lease back 60,000 square feet and retain control over the incoming tenants. The project will also implement a number of green retrofit initiatives.
April 15th, 2008 | Stephen Del Percio | 0 comments | Continued