Emmes Buys Astoria Beer Garden Site For $30m

Published on Jun 12, 2014 | posted by Carolina Bergara

Emmes Asset Management paid $30 million for a six-story former warehouse in Astoria that houses the beer garden Studio Square, the Midtown-based firm told The Real Deal.

Emmes made the deal on behalf of one of its pension fund clients, which it did not identify. The seller, S Hospitality Group, occupies the entire space at 35-37 36th Street, with the beer garden on the ground floor and events and operating space on the other floors. The new owner plans to convert the upper floors to a shared office workspace for tenants next year.

Emmes represented itself in the deal, while Pinnacle Realty represented the seller. The property last sold for $13.7 million in 2008. The next year, Studio Square opened its doors, as previously reported.

Read more at The Real Deal