Jan. 4, 2022 By Michael Dorgan
A near century-old building in Long Island City is being repurposed into a state-of-the-art facility that will specialize in life sciences.
The seven-story building, which is nearly 210,000 square feet, is located in the Court Square section of Long Island City at 43-10 23rd St.
The site will be known as 43TEN and will add to the growing list of Long Island City properties being used in the booming life sciences industry. The owners aim to open the facility in the second quarter of 2023.
The building was constructed for industrial purposes in 1924 and was previously used as office space. It is currently undergoing renovation work that is scheduled to take around 19 months to complete.
43TEN will be operated by Longfellow Real Estate Partners, a Boston-based real estate firm that specializes in commercial life science services, and Sculptor Real Estate, a Manhattan-based investment firm.
The two companies acquired the space in a joint venture last month, the Commercial Observer reported. The sale price was listed as $92.5 million, according to city records.
The firms are investing a further $120 million to convert the property into a high-tech life sciences building, according to a spokesperson for Longfellow.
The redevelopment will incorporate the building’s large spaces and flexible floorplans, according to Longfellow. The structure’s oversized windows will provide an abundance of natural light as well as views of the Manhattan skyline while there will also be outdoor areas on the rooftop.
The building will be used by tenants in the life sciences industry to carry out lab work and research. The life science industry develops products and devices to improve people’s lives. It encompasses many industries including pharmaceuticals, therapeutics, diagnostics, medical devices, biomedicine and food processing.
Longfellow CEO Adam Sichol said that New York City is prioritizing the life sciences industry in its economic development.
“With renowned institutions, deep talent pool, and continued innovation, New York City is primed for growth in the life sciences,” Sichol said. “Longfellow is dedicated to providing world-class space for innovators to continue their life-changing work.”
The acquisition of 43-10 23rd St. marks Longfellow’s first purchase in New York City. The company has a nationwide portfolio that spans more than 14 million square feet.
Longfellow has previously partnered with academic institutions such as Duke, Harvard and MIT along with pharmaceutical companies Pfizer and AstraZeneca. The firm is also a strategic development partner in the New York Blood Center’s upcoming life sciences hub in Manhattan called Center East.