The New York City Department of Transportation (DOT) has signed a long-term lease at HUB LIC, located at 47-25 34th St. in Long Island City, N.Y., announced Joseph A. Farkas, CEO and founder of Metropolitan Realty Associates LLC (MRA). The 21-year lease covers 212,094 square feet across the entire ground floor, the entire second floor and a portion of the building’s exterior parking lot.
“The building’s strategic location for the Department of Transportation’s operations and the unique physical attributes of the property, including a one-acre parking lot, multiple loading docks and drive-in access with curb cuts, made HUB LIC the right ‘deal’ for DOT, and we welcome them to the building,” said Farkas.
The DOT will utilize the premises for warehouse and industrial space, vehicle and equipment storage, administrative offices and vehicle parking. The agency had previously occupied the space on a month-to-month license agreement while awaiting full approvals from the city. As part of the newly executed lease, the building will undergo significant capital improvements tailored to the City’s operational needs.
HUB LIC is owned in a joint venture between MRA and Nuveen as part of a long-term industrial investment strategy. The property was acquired in August 2016. The 343,407-square-foot multi-level industrial building currently houses four tenants and is now 78% leased. Other tenants include TEC Systems, Satis&Fy, Metropolitan Office & Computer Supply Co. and Charles R. Gracie & Sons.
CBRE’s John Reinertsen, Yun Park, Doug Holowink, Josh Leibowitz and Michael Lee represented the Department of Citywide Administrative Services (DCAS) in the transaction. Scott Klau and Ryan Gessin of Newmark represented the landlord.
MRA has hired Cushman & Wakefield’s New York City Debt Capital Markets team to refinance the property.
