Carlyle Group pays $80M to Criterion Group for storage in Long Island City
31-08 Northern Boulevard (Credit - Google)
Carlyle Group through the entity 31-08 Northern Blvd Owner L.L.C. paid $80 million to Criterion Group through the entity 3108 Northern Blvd LLC for the upper unit commercial condominium at 31-08 Northern Boulevard in Long Island City, Queens. The self-storage company Public Storage occupies the building.
The deal closed on June 22, 2022 and was recorded on July 5, 2022. The commercial condo has 209,439 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $382 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
This is the upper unit (UU) in the building divided into two condominium units. The lower unit (LU) owned by the Criterion Group with 36,471 square feet, was not part of this sale.
The purchase was financed with a $69 million loan from Deutsche Bank. The signatory for Carlyle Group was Jason Hart, and for Criterion was Shibber Khan.
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Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has not received any significant violations in the last year.
Development
There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.
The block
On this tax block, PincusCo has identified the owners of eight of the 22 commercial properties representing 382,193 square feet of the 1,097,680 square feet. The largest owner is Clutter, followed by Shibber Khan and then City of New York. There are seven active new building construction projects totaling 1,816,160 square feet. The largest is a 467-unit, 398,556-square-foot R-2 building developed by Matthew Baron with plans filed November 7, 2013 and permitted January 8, 2016.
The majority, or 49 percent of the 1.1 million square feet of built space are office buildings, with industrial buildings next occupying 42 percent of the space.
Surrounding
Within a 400-foot radius of 31-08 Northern Boulevard, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was in new building development. It was a new building permit issued on August 24, 2020 for a 156,895-square-foot S-1 building at 31-28 Northern Blvd.
Of those three items, two were loans above $5 million totaling $52.8 million. The most recent of the two was Clutter which borrowed $37.8 million from FS Investments secured by the 133,512-square-foot, two-unit industrial (E7) on 30-36 Northern Boulevard on September 21, 2021.
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