Life sciences developer Longfellow Real Estate Partners has parted with its first-ever New York City project at a discount.

Longfellow’s Hatch Life Sciences Building, located at 43-10 23 Street in Long Island City, Queens, has sold for $86.9 million, according to city records filed Friday. Pearl Realty Management’s Jack Guttman signed for the buyer, under the entity 4310 23 St.

A representative of Pearl Realty Management did not respond to requests for comment. 

Longfellow purchased the existing building at 43-10 23 Street in 2021 alongside its partner, Steven Orbuch’s Sculptor Real Estate, for $92.5 million. Longfellow, led by CEO and co-founder Adam Sichol, planned to invest another $120 million into turning the former parachute manufacturing plant into a mix of life sciences labs and offices.

Construction had all but wrapped up when Commercial Observer visited in 2024. The final product spanned over 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.

While Guttman’s plans for the purchase remain unclear, the landlord appears to be active in the Long Island City market. Recent purchases include the Standard Motors Product Building at 37-18 Northern Boulevard for $42 million and BrightSpire Capital‘s office building at 21-02 49th Avenue for $28 million.

Emily Davis can be reached at edavis@commercialobserver.com.