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.

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