Development sites sell for $44M in latest Long Island City deal

GDC Properties picks up plot that allows 150K sf development

TRD New York /
Oct.October 20, 2014 01:40 PM

UPDATED 2:10 p.m. October 23: The Westchester-based GDC Properties bought two adjacent parcels in Long Island City for $44 million, according to property records filed with the city Monday.

The site at 11-22 45th Road in the Court Square area of Long Island City is home to a one-story warehouse. GDC also bought 45-35 11th Street. The president of GDC Properties, William Ingraham, also filed a permit to demolish the 33,660-square-foot structure at the location, according to records from the city’s Department of Buildings.

Eunhasu Corporation is the seller of the property, records indicate. The site holds 150,000 buildable square feet.

“It’s the best large development site I’ve seen trade in quite some time in Long Island City,” said Aaron Grumet of DY Realty, who brokered the deal.

It’s not the developer’s first foray into the five boroughs. In 2012, GDC converted an old factory building at 220 Water Street.

The site is located next to 11-30 45th Road where a new Raymond Chan-designed residential development is in the works. It’s also near the Museum of Modern Arts’ P.S. 1 and multiple new residential projects in the area. Court Square has been booming with residential development in recent months, including David and Jerry Wolkoff’s new development at the former 5Pointz location and Brause Realty’s 44-30 Purves Street.


Related Articles

arrow_forward_ios
Square Mile Capital’s Craig Solomon and Hackman Capital Partner’s Michael Hackman with Silvercup Studios at 42-22 22nd Street in Long Island City (Hackman; Silvercup Studios)

Hackman and the City: Hackman, Square Mile buy Silvercup Studios

Hackman and the City: Hackman, Square Mile buy Silvercup Studios
Carlyle CEO Kewsong Lee and 24-02 Queens Plaza South in Long Island City (Getty; Atlas Capital)

Carlyle Group pockets $40M LIC trade school building

Carlyle Group pockets $40M LIC trade school building
Traub Capital's Brian Crosby and 27-11 49th Avenue in Long Island City (Images via Traub and Google Maps)

Traub Capital pays $75M for LIC cosmetics plant

Traub Capital pays $75M for LIC cosmetics plant
Kyle Bragg and Eric Benaim

Backers of big Queens megaprojects say city needs the jobs, homes

Backers of big Queens megaprojects say city needs the jobs, homes
Mayor Bill de Blasio and (inset) the proposed development in Long Island City (Getty, YourLIC)

City ends talks with Gilmartin’s group to jointly rezone former Amazon site

City ends talks with Gilmartin’s group to jointly rezone former Amazon site
Penthouse at 46-30 Center Boulevard (Compass, Google Maps)

LIC penthouse deal is priciest Queens sale in two years

LIC penthouse deal is priciest Queens sale in two years
Nearly 60% of condo units built in Long Island City, Queens, since 2018 remain unsold. (iStock)

“You’ve either made the wrong shoes, or you’ve made too many”: LIC faces a serious condo glut

“You’ve either made the wrong shoes, or you’ve made too many”: LIC faces a serious condo glut
Square Mile Capital’s Craig Solomon and Hackman Capital Partner's Michael Hackman with Silvercup Studios at 42-22 22nd Street in Long Island City (Hackman; AAK via Wikipedia Commons)

Hackman, Square Mile in talks to buy Silvercup Studios

Hackman, Square Mile in talks to buy Silvercup Studios
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...