Third Point manager Daniel Loeb has purchased a stake in a 150,000-square-foot former warehouse with plans to refubish it into office space.
The three-story building, located in 30-02 48th Avenue in Long Island City, is set to receive a complete facelift, according to Crain’s.
Loeb and real-estate firm Brickman will reportedly spend several million dollars to refubish it wil a new lobby, roof deck, and elevators. Brickman purchased the building two years ago for $21 million. However, details of Loeb’s stake were not released to the public.
This is the latest deal as investors are betting on Long Island City as a destination for office space. Firms such as Lyft and Doughnut Plant have recently opened offices in the Falchi Building off 48th Street. In 2014, Vornado Realty Trust purchased the Center Building for $142 million from rom Madison Marquette.
