Newmark Holdings picks up LIC property for $17M

Lot near Court Square area holds 54,000 buildable square feet

TRD New York /
Jul.July 18, 2014 05:45 PM

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.


Related Articles

arrow_forward_ios
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

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

Brett Siegel, Jean Celestin, and Evan Layne with Newmark Knight Frank offices at 125 Park Avenue (Credit: LinkedIn and Google Maps)

Newmark poaches Eastdil Secured sales team

Court Square Place at 24-01 44th Road in Queens and The New York Times' A.G. Sulzberger (Credit: Google Maps and Getty Images)

All the news that’s fit for Queens: NYT inks lease in Long Island City

Corcoran President & CEO Pamela Liebman (Credit: Corcoran, Getty Images)

Welcome to Queens: Corcoran opens first borough outpost

Robert K. Futterman (Credit: Southampton Town Police)

Futterman’s latest DUI wouldn’t factor into termination case: legal expert

arrow_forward_ios