Greiner-Maltz Brokers Sale Lease-Back Of The 300,000 Sf Standard Motors Products Corporate Headquarters In Long Island City
Long Island City, NY, February 4, 2008 -- After 9 months of targeted marketing campaigns, extensive internet exposure, mass media circulation and multiple co-broker and customer showings, the 300,000 Standard Motor Products Corporate Headquarters (NYSE SMP) at 37-18 Northern Blvd, in Long Island City, NY has been placed in contract through Greiner-Maltz. SMP is one of the largest NYSE companies in Queens, NY
With more than 18 qualified bidders jostling to become the new owners of the SMP Corporate Center, detailed negotiations were necessitated by SMP’s requirement to have the property maintained as a first class commercial structure compatable with their continued occupancy of up to a 30 year lease-back. Part of SMP’s detailed requirements were flexible occupancy, in-building dining service, and enhanced security.
After multiple rounds of negotiation, a successful bidder emerged. An out-of-state pension fund, EX 11 Northern Boulevard Acquisition LLC, will purchase the property and develop it into multiple loft-style commercial tenancy with ground floor retail. This sale, with a contract price of $40.6 million, is expected to close in early 2008.
The Greiner-Maltz marketing team of Dick Maltz, Chairman, and John Maltz, President, represented the seller and Greiner-Maltz brokers, Decio Baio, David Junik, and Gary R. Blum represented the purchaser.
Since 1953 Greiner-Maltz has been engaged exclusively in the leasing, selling, appraising and managing of industrial, commercial, and investment property in Manhattan, Brooklyn, Queens, Long Island, New Jersey, Westchester, and Connecticut. The firms five offices are actively managed by Principals: John Maltz and Sharone Levy in Brooklyn and Queens; Swain Weiner, metro area investments; Tom Attivissimo in Long Island, Raymond Musalo in New Jersey, and Ayall Schanzer in Westchester. www.GreinerMaltz.com