Longfellow Real Estate Sells Long Island City Life Sciences Building for $86.9 Million

Longfellow Real Estate Partners has sold its Hatch Life Sciences Building at 43-10 23 Street in Long Island City, Queens, for $86.9 million. City records filed Friday confirmed the transaction, with Pearl Realty Management, represented by Jack Guttman, acquiring the property. This sale represents Longfellow's first New York City project and occurred at a discount compared to its initial investment.

Longfellow, in partnership with Steven Orbuch’s Sculptor Real Estate, originally purchased the existing building in 2021 for $92.5 million. They subsequently invested an additional $120 million to convert the former parachute manufacturing plant into a state-of-the-art life sciences facility. The 208,000-square-foot, seven-story building, completed in 2024, features prebuilt lab suites, modular research areas, and flexible office space. While the buyer's specific plans for the property remain undisclosed, Pearl Realty Management is known for its active presence in the Long Island City market. This transaction highlights ongoing investment and shifting valuations within the specialized life sciences real estate sector.