Jack Guttman’s Pearl Realty pays $28M to BrightSpire for LIC office

Pearl Realty Management through the entity 2100 49 Ave LLC paid $28 million to BrightSpire Capital through the entity Brsp Paragon Lic, LLC for the office building (O6) at 21-02 49th Avenue in Long Island City, Queens. The expected use is cash flowing.
The deal closed on March 9, 2026 and was recorded on March 18, 2026. The property has 129,087 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $216 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.)
The seller bought the property on June 20, 2023, for $64.27 million. The signatory for BrightSpire Capital was David A. Palame . The signatory for Pearl Realty Management was Alan Weiss . The contract date was January 23, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Pearl Realty Management purchased five properties in five transactions for a total of $112.9 million and sold 14 properties in eight transactions for a total of $392.1 million over the past 24 months.
The seller BrightSpire Capital had not purchased any other properties and sold one property in one transaction for a total of $21.5 million over the same time period. The 129,087-square-foot property generated revenue of $5.6 million or $43 per square foot, according to the most recent income and expense figures.

The property

The office building in Long Island City has 129,087 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 218 feet and is 172 feet deep with a total lot size of 22,525 square feet. The lot is irregular. The zoning is M1-4 which allows for up to 2 times floor area ratio (FAR) for manufacturing

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $100 in ECB penalties and $2,500 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on September 10, 2019. On the lot, there is one active major alteration construction project, 420656686, for a 92,917 square-foot B building. The project was submitted by Patrick Sweeney with plans filed May 10, 2016 and permitted April 10, 2017.

The neighborhood

In Long Island City, The bulk, or 32 percent of the 60.1 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 31 percent of the space. In sales, Long Island City has 3.5 times the average sales volume among other neighborhoods with $1.1 billion in sales volume in the last two years and is the highest in Queens. For development, Long Island City is the 8th most active neighborhood among other neighborhoods. It had 8.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 13 percent of the neighborhood’s built space. There were 62 pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of three of the five commercial properties representing 129,087 square feet of the 143,527 square feet. The largest owner is Brightspire Capital, followed by Nan Fung Group and then Lirr.
On the tax block, there was one new building construction project filed totaling 1,000 square feet. It is a 1,000 square-foot storage (S-2) building submitted by Innovo Property Group and filed by Andrew Chung with plans filed June 28, 2022 and it has not been permitted yet.

The majority, or 90 percent of the 143,527 square feet of built space are office buildings, with industrial buildings next occupying 10 percent of the space.

The seller

The PincusCo database currently indicates that Brightspire Capital owned at least one commercial property in New York City with 129,087 square feet and a city-determined market value of $23.9 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single office property. It is located in Queens.

The buyer

The PincusCo database currently indicates that Pearl Realty Management owned at least 66 commercial properties with 10 residential units in New York City with 1,592,825 square feet and a city-determined market value of $218.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 45 percent of the 1,592,825 square feet of built space are industrial properties, with office properties next occupying 41 percent of the space. The bulk, or 50 percent of the built space, is in Brooklyn, with Queens next at 37 percent of the space.

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