The Real Deal New York

Hakimian signs 99-year ground lease for LIC warehouse

24,000 resi units and 31 hotels planned for the neighborhood

February 01, 2016 05:10PM

Ben Hakimian 44-16 23rd St

44-16 23rd Street in Long Island City (inset: Ben Hakimian)

The Hakimian Organization, a Midtown-based landlord and developer, is expanding its reach in Long Island City with the ground lease of a two-story, 22,254-square-foot commercial building in the booming neighborhood.

Hakimian will do a gut renovation of the current building at 44-16 23rd Street and plans to add a new storefront, elevator and lighting.

The organization inked a 99-year ground lease with the land owner, 44-16 23rd Operating Company.

Two of Hakimian’s rental projects are to slated to open in 2017 and will be located near the new commercial building, the Wall Street Journal reported.

While Shawn Hakimian, executive director for marketing and sales, declined to say the price of the sale, he did tell the Journal there are an estimated 24,000 apartment units planned for the neighborhood and 31 hotels in development.

For the commercial building, JRT Realty Group will do the leasing with rents ranging from $45 to $55 per square foot. The building may be leased to a single tenant or split up, and JRT Realty is considering restaurant, retail, gym and co-working space, the Journal reported.

In August, Hakimian added the last piece of the puzzle for a Times Square-area hotel on a site it had purchased in 2003. [WSJ]Dusica Sue Malesevic

Clarification: A spokesperson for Hakimian says rates range from $45 to $55 per square foot, lower than the figure the Wall Street Journal reported.

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