NEW YORK—The RKF investment sales and advisory services team of Jeff Fishman, president, Brian Segall, senior director, Robert Goldman, analyst, and David Abrams, associate, have led the $40.7 million sale of 47-25 34th Street in Long Island City, representing both the seller, 4725-34 Associates LLC, and the buyer, two tenants-in-common entities managed by BLDG Management, in the transaction.

Comprised of 322,390 sq. ft., the industrial building is bound by 47th and 48th avenues and 34th and 35th streets. Current tenants in the three-story building include Polo Ralph Lauren, Gander and White, and Eleni’s Bakery, among others.

“The recent surge in residential and hotel development in Long Island City has created a squeeze on the availability of prime industrial space,” said Fishman. “This is evidenced by the impressive tenant roster in this high-quality industrial building.”