Photo: CoStar Group Inc.
Daniel Loeb has acquired a stake in a Long Island City building at 30-02 48th Ave.
Hedge-fund heavyweight Daniel Loeb is betting on the Long Island City office market.
Mr. Loeb has purchased a stake in 30-02 48th Ave., a 150,000-square-foot former warehouse property in the Queens neighborhood. He has partnered with the real estate firm Brickman, which bought the building two years ago for $21 million, according to city records. The pair have plans to spend millions of dollars to refurbish the three-story building with a new lobby, elevators and other amenities, such as a roof deck.
It wasn’t immediately clear how large Mr. Loeb’s stake was and how much the new partnership plans to invest in renovations. A spokeswoman for Mr. Loeb declined to comment. Brickman did not immediately respond to a request for comment.
Eastdil Secured, which arranged the deal, was also not available for comment.
In recent months, several large real estate owners have purchased office properties in Long Island City. The neighborhood has long been seen as a cheaper back-office location for tenants, but has recently begun to garner a hipper vibe with the arrival of firms like Lyft and Doughnut Plant, which are located at the Falchi Building.
Late last year, Vornado Realty Trust bought the Center Building for $142 million. RXR purchased the Standard Motor Building, and Invesco purchased a stake in the Factory Building.
Correction: Daniel Loeb, not his hedge fund Third Point, acquired a stake in 30-02 48th Ave. An earlier version of this article published online July 17, 2015 incorrectly stated that Mr. Loeb’s fund bought the stake.
