Landowners look to double their money in LIC

TRD New York /
Oct.October 07, 2013 09:20 AM

In a sign of the increasing demand for Long Island City development sites, a large parcel in the Court Square area is set to hit the market this week with a $23.5 million price tag, according to Brookfield Financial, the brokerage tapped to sell the property.

The owner of the site, at 27-21 44th Drive at the corner of Purves Street, paid less than $10 million to assemble it, according to public records.

“Developers have seen the tremendous success of recent projects in the area and we are confident this site will be met with significant remand,” said Brookfield’s Ron Solarz, who is listing the property alongside colleagues Eric Anton and Eric Weinberg.

The parcel, which is currently vacant, is comprised of three adjoining lots and could support a residential project of up to 114,000 square feet, Solarz said.

The owner is listed in public documents as 44 LIC, an entity with an address in Williamsburg. Solarz declined to identify the owners but public records show they assembled the site between 2011 and 2013.

The current owners paid $5.22 million for two Purves Street sites in 2011, public records show, and $4.12 million for the adjoining 44th Drive site this year.

The owners initially had plans to develop the parcel, Solarz said, but after receiving numerous unsolicited offers to buy the site in the last few months, they decided to sell instead.

Long Island City has seen a housing boom since a 2001 rezoning allowed substantial mixed-use developments to be built on 37 blocks in the neighborhood’s central business district. Now that the area has a critical mass of residential buildings, developers traditionally associated with projects in Manhattan and Brooklyn have begun to move into Queens for the first time, The Real Deal previously reported.

The median monthly rent for a one-bedroom apartment in a doorman building in Long Island City increased from $2,825 in 2011 to $2,890 in 2012, according to data from marketing firm Nancy Packes.

Among the new projects slated for Long Island City’s Court Square area: a 98-unit project developed by L+M Development and a 400-unit apartment complex developed by Property Markets Group.


Related Articles

arrow_forward_ios
From left: RPG CEO Bruce Teitelbaum, L&L MAG CEO MaryAnne Gilmartin, 44-02 Vernon Boulevard in Long Island City and Douglas Durst (Credit: Google Maps)

Durst deadlocked with owners of prime LIC site

29-28 41st Street, and from left: Arik Lifshitz Amit Doshi, Adan Elias Kornfeld, Jonathan Shainberg and David Schechtman (Credit: Google Maps)

Long Island City building fetches $47M in wake of rent law

Rendering of the Staybridge Suites at 38-59 11th Street

Long Island City hotel project moves forward with construction loan

42-50 24th Street and (from left) Arnold, Kenneth, Steven and Winston Fisher (Credit: Google Maps)

Fisher Bros. wants to bring a 240-unit mixed-use project to LIC

Jackson Park at 28-40 Jackson Avenue and Tishman Speyer's Rob Speyer (Credit: StreetEasy and Tishman Speyer)

Tishman Speyer locks in $1B in financing for Jackson Park

Clutter CEO and co-founder Ari Mir, and clockwise from left: 280 Fullerton Avenue, 1 Holland Avenue, 3046 Northern Boulevard and 5601 Foster Avenue (Credit: Linkedin, Google Maps)

Self-storage startup Clutter makes its first real estate play with $152M deal

Brookfield's Ric Clark and an aerial view of the Greenpoint Landing development site (Credit: Google Maps)

Three developers slapped on wrist for de Blasio donations

43-20 49th Avenue in Long Island City and Andrew Chung of Innovo Property Group (Credit: Google Maps)

Andrew Chung tees up Queens’ biggest deal of 2019

arrow_forward_ios