Pryor Cashman Represents Cascades Holding in $72M Sale of Historic Maspeth Property
Pryor Cashman represented Cascades Holding US Inc., a subsidiary of Cascades Inc., a Canadian corporation, in the recent sale and short-term leaseback of a historic property located in Maspeth, Queens. The space, which was constructed in 1925, has been in continuous use as a corrugated box plant since.
55-15 Grand Avenue Property, LLC, an affiliate of LBA Realty LLC, purchased the 516,000 square foot industrial property for $72 million. The transaction closed on January 30, 2018.
The Pryor Cashman Team
Senior Real Estate Partner Ronald B. Kremnitzer, co-chair of Pryor Cashman’s Real Estate Group, and Partner Samson R. Bechhofer advised on the sale of the property; Kremnitzer and Partner Benjamin J. Teig handled the leaseback on behalf of Cascades.
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Pryor Cashman’s nationally-recognized Real Estate Group helps clients buy, sell, develop, lease and invest in properties in New York City and across the U.S. With decades of experience representing every type of stakeholder in the real estate market, we have handled a vast and diverse range of transactions – and know how to creatively structure and efficiently close virtually any deal.
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