Teddy Volkswagen signed a lease for 67,000 square feet at 37th Street and Northern Boulevard in Long Island City, the Commercial Observer reported. The site includes five lots: 36-45 37th Street, 47-61 37th Street, 36-61 37th Street, 37-21 Northern Boulevard and 37-15 Northern Boulevard.
According to property records, the properties are owned by Vesta Industries and Vecta Industries. The location was once a Cadillac dealership — even featured in the 1990 film “Cadillac Man” — before recently housing Kaufman stage lighting equipment supplier Astoria Studios.
The terms of the 10-year lease – which includes a warehouse, mechanic workshop and showroom space – were not disclosed. According to CBRE, the average asking rent for industrial space in Queens in the third quarter was $34.27 per square foot.
Brian Jaffe of Jaffe Realty represented the tenant in the deal, while Franklin Zuckerbrot and Joe Eliasoph of Sholom & Zuckerbrot Realty represented the owner.
The Long Island City location will be Teddy Volkswagen’s second location in the city, following the operation of a dealership in the Bronx. The newest location is expected to create 100 local jobs, the car dealer said.
The flagship is located across the boardwalk from the Standard Motors Product Building, which has been involved in its own real estate transaction in recent months.
In September, Scott Rechler’s RXR sold the property at 37-18 Northern Boulevard to Jack Guttman’s Pearl Realty Management for $42 million. Sales of the 300,000-square-foot Queens office building fell to $140 per square foot; Rechler purchased the former auto parts manufacturing facility in 2014 for $110 million.
Other notable dealer leases in the past 18 months include Ferrari signing a 10-year lease for 7,600 square feet at 425 Park Avenue for a showroom in April and private club Classic Car Club Manhattan leasing 60,000 square feet for a flagship at 645 11th Avenue in Hell’s Kitchen last June.
— Holden Walter Warner
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