Longfellow, Sculptor pay $92.5M to Columbia Property, Kassabian for office building in Long Island City

Longfellow Real Estate Partners and Sculptor Capital Management through the entity Court Square 23rd LLC paid $92.5 million to Columbia Property Trust and Kassabian Realty through the entity Maple K 43-10 23rd St Owner, LLC for the office building (O6) at 43-10 23rd Street in Hunters Point/Long Island City, Queens.
The deal closed on December 17, 2021 and was recorded on December 30, 2021.
The property has 151,180 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $611 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 May 23, 2017, for $54 million.
The signatory for Columbia Property Trust and Kassabian Realty was Jeffrey K. Gronning. The signatory for Longfellow Real Estate Partners was Sculptor Capital Management’s Steven Orbuch.
Over the past five years, there have been 17 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $5.6 million. There were 14 renovation/alteration projects (A2) applied for with a total estimated value of $19.4 million.

There have been 2 demolition projects filed over the past five years. One of the projects were to change the building from a D-2 to a B and were permitted on December 15, 2020.
Commercial Observer reports that in their first New York City purchase, Longfellow bought a majority equity interest stake in the property. They plan on investing another $120 million to convert the property into a state-of-the-art life sciences building. Sculptor Real Estate, a global alternative asset manager formerly known as Och-Ziff Capital Management Group, is listed in Acris as the purchaser.
Within a 400-foot radius of 43-10 23rd Street, Pincusco identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which Rockrose Development borrowed $18.6 million from M&T Bank secured by the 124,000-square-foot, 75-unit office building (O2) on 21-16 43rd Avenue on June 25, 2020.

Direct link to Acris document. link