A Long Island City warehouse is slated to be turned into a 36-unit residential complex with retail space on the ground floor.
Initial plans for the mixed-use property at 5-33 48th Avenue, between Vernon Boulevard and 5th Street, called for the addition of two extra two floors. It is unknown whether the units will be rentals or condominiums.
Late last year, real estate investment firm Atlas Capital Group entered a contract to purchase a 1 million-square-foot commercial building in Long Island City valued at more than $102 million from property investor Mark Karasick, at the nearby 47-44 31st Street, as previously reported. [Curbed] — Mark Maurer