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Deals & Dealmakers

JLL bringing new LIC place to office market

JLL was tapped by building owners Normandy Real Estate Partners, Drake Street Partners and GEM Realty Capital to lease Austell Place, at 47-11 Austell Place in Long Island City, N.Y.

The firm will provide a full range of leasing and marketing services for the under-construction, Class A, 171,000 s/f office building.

The JLL professionals overseeing the leasing assignment include Steven Rotter, executive managing director; Michael Berg and Howard Hersch, managing directors; Lloyd Desatnick, senior vice president; and Sam Melligon, associate.
They will work with Paul Teti and Travis Feehan of Normandy Real Estate Partners, and Stuart Milstein of Drake Street Partners.

“When the renovations are complete, Austell Place will distinguish itself as one of the newest and most modern office buildings in the coveted Long Island City market,” said Rotter.

“Designed specifically as creative office space, the building will cater to tech/media companies, fashion firms and corporate users. The surrounding neighborhood offers some of the finest places to eat, drink, shop, and experience art and culture.”

Drake Street Partners LLC and Normandy Real Estate Partners acquired what was a 130,000-square-foot building from Time Equities for $35 million in late 2015. The building was also known as 47-37 Austell Place and 47-51 Austell Place.

The owners launched a complete renovation of the three-story former warehouse and office facility in late 2016.
Normandy, Drake and GEM are converting it into Class A office space. Kimmerle Newman Architects designed the building renovations and A+I Architecture designed the lobby and common amenities.

In addition to upgrading the building to state-of-the-art infrastructure and mechanicals, the owners are adding two floor-to-ceiling glass floors, bringing the building to a total of 171,000 s/f.

Amenities will include 25,000 s/f of usable terrace space, a roof deck, ceiling heights from 13 to 16.5 ft., a lobby lounge, a locker room with showers, bike storage, dedicated parking and a tenant-controlled HVAC system.

Austell Place is near Hunter’s Point subway stop on the 7 train, which is two stops from Grand Central Terminal.

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