Alexandria Real Estate Equities paid $25M to Prestone Printing

Alexandria Real Estate Equities through the entity Are-Ny Region No. 3 Holding, LLC paid Prestone Printing’s Prestone Realty LLC $25.0 million for 1 parcel, including the tax class fireproof warehouse (E1) at 47-50 30 Street in Long Island City. The deal closed on July 10, 2019 and was recorded on July 25, 2019. The parcel(s) have total development potential of 171,432 square feet.
The average sale price per square foot is $223.
The estimated cap rate is 1.4%
The last time the property sold was October 25, 2005, for $7,250,000.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $535,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link