Blackstone Acquires Long Island City Warehouse For $37.5 Million

The Blackstone Group pulled up a warehouse in Long Island City for $37.5 million.

The investment behemoth acquired the 108,000 Sq Ft estate at 31-30 Hunters Point Avenue from the Deutsch family that owns the lighting business running out of the building.

The building is on rent, producing cash flow for about 7 more years, after which it could be redeveloped.

The area of Long Island City where the warehouse sits has been attractive for logistics investors.

Blackstone in 2019 bought a bunch of warehouses near John F. Kennedy Airport for $129 million.

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