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Real Estate Rumors: TIAA, Advenir, Merrill Lynch

By Andrew McIntyre (June 21, 2016, 3:15 PM EDT) -- TIAA-CREF and Metropolitan Realty Associates LLC are under contract to purchase a Long Island City property from Brickman for $90 million, according to a report on Tuesday from Crain's New York Business. The joint venture is buying 47-25 34th St., a 342,000-square-foot property that Brickman bought two years ago for roughly half that figure, Crain's said. The venture plans to invest more than $10 million to convert the property, which is currently roughly 55 percent vacant, into modern office space, according to the report....

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