New York City — A joint venture between Metropolitan Realty Associates and TIAA Global Asset Management has acquired HUB LIC, a four-story commercial building located at 47-25 34th St. in Queen’s Long Island City, for $89 million.
At the time of acquisition, the 326,000-square-foot property was 48 percent leased to a mix of tenants, including POLO Ralph Lauren, TEC Systems (Honeywell), Eleni’s Bakery, Gracie and Richelieu. The buyers plan to redevelop the property into office and retail space to attract a large-format retailer and offer 80,000 square feet of contiguous office space on a single floor. Doug Harmon, Adam Spies, Adam Doneger and Josh King of Eastdil brokered the sale of the property, while Grant Frankel and Rob Turner, also of Eastdil, arranged acquisition financing for the transaction.