Grubb Properties in contract to buy 54K LIC office building

Vasiliki Falidas through the entity Estia Realty LLC as seller signed a memorandum of contract with Grubb Properties through the entity 2020 Grubb Qualified Opportunity Fund, LLC as buyer for 2 parcels, including the tax class office building with commercial with one to six stories (O5) at 25-01 Queens Plaza North and N/A 25th Street in Long Island City. The memorandum was signed on March 15, 2021 and was recorded on March 26, 2021.
The property has 175,660 square feet of built space and available development rights.
Grubb Properties is a developer based in North Carolina. The closing is anticipated to be on or before 180 days from the contract, or September 15, 2021.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $21,500.

Direct link to Acris document. link
The signatory for the contract vendee was Henry C. Lomax Jr.

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