North River Company pays $34.5M to Alexandria Real Estate for LIC office building, was $75M in 2018

North River Company through the entity 30-02 48th Ave Lic Owner LLC paid $34.5 million to Alexandria Real Estate Equities through the entity Are-Ny Region No. 2 Holding, LLC for the office building (O5) at 30-02 48th Avenue in Long Island City, Queens. The expected use is cash flowing.
The deal closed on December 19, 2025 and was recorded on January 6, 2026. The property has 141,436 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $243 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 October 9, 2018, for $75 million. The signatory for Alexandria Real Estate Equities was Gary Dean. The signatory for North River Company was Christopher Flagg . The contract date was October 27, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer North River Company had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Alexandria Real Estate Equities had not purchased any other properties and sold three properties in three transactions for a total of $124.1 million over the same time period. The 141,436-square-foot property generated revenue of $8 million or $56 per square foot, according to the most recent income and expense figures.

The property

The office building in Long Island City has 141,436 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 246 feet and is 200 feet deep with a total lot size of 49,800 square feet. The lot is irregular. The zoning is M2-1 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $25.6 million.

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 two DOB violations and $3,000 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on December 31, 2020. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

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 3.3 times the average sales volume among other neighborhoods with $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 6.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space. There was one 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 one of the two commercial properties representing zero square feet of the 141,436 square feet. The identified owner is Lirr.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 141,436 square feet of built space are office buildings, with development buildings next occupying 0 percent of the space.

The buyer

The PincusCo database currently indicates that North River Company owned at least one commercial property in New York City with 120,720 square feet and a city-determined market value of $18.6 million. (Market value is typically about 50% of actual value.) The portfolio has $24.8 million in debt, borrowed from United Bank. The portfolio consists of at least a single industrial property. It is located in Queens.

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