LIC development site hits the market for $50M

 A V-shaped development site at 29-37 41st Avenue in Long Island City has hit the market asking $50 million. 

The site has a total buildable square footage of 204,938 and come with plans for a 30-story, 242-unit condominium tower with 29 parking spaces, according to Buzzbuzzhome.

Under the current plan, the “Maiestas” condo project would have 197,356 square feet of residential and 7,582 square feet of commercial space. There’s also the possibility of an as-of-right 15-year tax abatement, according to Buzzbuzzhome. The Address Group is marketing the site.

As The Real Deal previously reported, Queens developer Steve Cheung paid $8.3 million for the vacant site back in October 2011. [Buzzbuzzhome] —Christopher Cameron