LargaVista Companies Acquires Office Building In Long Island City, Queens

NEW YORK, March 22, 2017 /PRNewswire/ -- LargaVista Companies is pleased to announce the purchase of 30-10 41^st Avenue, Long Island City, an existing 65,000 sf office building adjacent to Sunnyside Yards at the intersection of Northern Blvd. and 41^st Avenue. As a long-time owner in Long Island City, LargaVista is excited to play a part in the continued evolution of Long Island City and the Queens Plaza sub-district, in particular. 

30-10 41^st Avenue's access to mass transit is superlative and its proximity to midtown Manhattan also provides a unique advantage that many users crave. LargaVista owns the adjacent building at 29-42 Northern Blvd. and is considering a creative office conversion and expansion though exact plans are not yet complete.

"We love the LIC market. It continues to evolve as a center for creative thinking, artistic expression and an ideal place to live and work. We think more and more companies want to feed off that energy and base their operations here," says Marcello Porcelli, CEO of LargaVista Companies. 

Adam Good, the Company's COO adds, "We are looking at many options with respect to the repositioning of this asset. We not only want to enhance the desirability of this building for commercial tenants, but also activate the base of the building and provide a unique amenity for the surrounding area."

Financing for the transaction was provided by TriState Capital Bank, a full-service commercial bank serving middle market businesses and their owners, which has established an active presence in New York City.

About LargaVista Companies

LargaVista Companies is a second-generation real estate development, investment and management firm based in New York City. LargaVista means "long view" in Spanish. This characterizes LargaVista's approach to property acquisition and development while also paying tribute to the company's Latin American roots. LargaVista specializes in the development of under-utilized or environmentally impacted properties, redeploying these assets for higher and better uses. Originally known as Gaseteria, the company started in 1973 developing gasoline stations and grew to become the largest independent petroleum retailer in the New York metro area operating under the iconic Gaseteria brand.

SOURCE LargaVista Companies