The Real Deal New York

Newmark Holdings picks up LIC property for $17M

Lot near Court Square area holds 54,000 buildable square feet
By Claire Moses | July 18, 2014 05:45PM

Newmark Holdings bought a Long Island City property for $17.1 million, Friday’s city records indicate.

Arnold Weiss and Gerald Weiss are the sellers of 11-05 44th Drive, where a multi level-story building currently occupies the 22,300-square-foot lot. The property has about 54,000 square feet available for development and 420 feet of frontage along 44th Drive, according to the Massey Knakal listing of the property.

Newmark’s latest purchase is located about a block-and-a-half away from Court Square, which is particularly popular with developers as of late.

TF Cornerstone earlier this year sold out its 184-unit East Coast Development in Long Island City. Last month, Jans Realty applied to build a 10-story, mixed-use development in the area.

Development in Long Island City — and especially Court Square — is growing faster than any other area, Rockrose Development Group President Justin Elghanayan said in a recent phone interview. Because large parts of the area are already zoned for residential properties, developers often don’t have to wait for city approval to build new condos or rentals.

Elghanayan added that the connectivity to Midtown Manhattan – from Court Square to 51st Street and Lexington is a roughly four-minute subway ride – makes the area very attractive for developers and new residents alike.

According to its website, Rockrose currently owns two buildings in Long Island City.

The details of Newmark’s plans are not yet known. A representative at Newmark wasn’t immediately available for comment on Friday afternoon.