Latest / Real Estate News Today | 2 Min News | The Daily News Now!
Longfellow Sells NYC Life Sciences Asset | Real Estate News
Longfellow Real Estate Partners just cashed out on their first NYC property — the Hatch Life Sciences Building in Long Island City — selling it for $86.9M, a markdown from their $92.5M purchase price back in 2021. Originally envisioned as a cutting-edge life sciences hub with $120M in planned upgrades, the project now faces headwinds: a 32.5% vacancy rate and shrinking venture capital in the sector. The building’s pivot from office space to life sciences was accelerated by the pandemic — but market realities may have forced Longfellow’s hand. Meanwhile, Pearl Realty Management, the new owner…
The skinny
The skinny isn't ready yet — notes appear once the transcript is processed.