Longfellow Real Estate Partners, a life sciences developer, has divested its first New York City project at a reduced price. Longfellow's Hatch Life Sciences Building, located at 43-10 23rd Street in Long Island City, Queens, was sold for US$86.9 million, according to city filings submitted on Friday. Jack Guttman of Pearl Realty Management signed on behalf of the buyer under the entity 4310 23 St.
A representative for Pearl Realty Management did not respond to requests for comment. Longfellow had acquired the existing building at 43-10 23rd Street in 2021 with its partner, Steven Orbuch's Sculptor Real Estate, for US$92.5 million.
Longfellow, led by CEO and co-founder Adam Sichol, planned to invest an additional US$120 million to transform the former parachute factory into a mix of life sciences laboratories and offices. Construction was substantially complete when Commercial Observer toured the property in 2024. The finished property comprised over 208,000 square feet across seven floors, including pre-built lab suites, modular research spaces, and flexible office areas.
Longfellow and Sculptor did not immediately respond to requests for comment regarding the sale. While Guttman's plans for the acquisition remain unclear, the owner appears to be active in the Long Island City market. Recent purchases include the Standard Motors Product Building at 37-18 Northern Boulevard for US$42 million and BrightSpire Capital's office building at 21-02 49th Avenue for US$28 million.
This transaction underscores the ongoing momentum in the life sciences sector, even if the sale price represents a discount compared to the original purchase price and additional investments. Pearl Realty Management's involvement in several significant acquisitions in the region indicates a strategic interest in the further development of the Long Island City market.
