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Longfellow sells Hatch Life Sciences Building in Long Island City for $86.9M
The 208,000-square-foot building at 43-10 23 Street in Long Island City sold for $86.9 million after Longfellow bought it for $92.5 million in 2021.
Life sciences developer Longfellow Real Estate Partners has sold its Hatch Life Sciences Building in Long Island City, Queens, for $86.9 million, according to city records filed Friday, Commercial Observer reported.
The property is located at 43-10 23 Street. Pearl Realty Management is listed as the buyer, with Jack Guttman signing for the entity 4310 23 St, and a Pearl Realty representative did not respond to requests for comment.
Longfellow originally purchased the building in 2021 for $92.5 million, alongside partner Sculptor Real Estate. The developer had planned to invest another $120 million to convert the former parachute manufacturing plant into a mix of life sciences labs and offices.
When Commercial Observer visited in 2024, construction was nearly complete, with the project spanning more than 208,000 square feet across seven floors, including prebuilt lab suites, modular research space, and flexible office areas. Longfellow and Sculptor did not respond immediately to requests for comment on the sale, and Pearl Realty’s plans for the purchase were not detailed.