Westchester County-based real estate development firm GDC Properties plans to construct a townhouse development on a Long Island City industrial site.
GDC paid $44 million for two adjacent parcels at 11-22 45th Road and 45-35 11th Street, according to public records The Real Deal reported on last week. The property at 11-22 45th Road holds a one-story, 33,660-square-foot warehouse.
Design plans have not yet been revealed, but the project is slated to complete in a year and a half, the New York Observer reported. The sites collectively offer 150,000 buildable square feet.
Santander Bank provided a $22 million mortgage to the developer. [NYO] — Mark Maurer