Queens Village-based landlord James Juliano is asking north of $50 million for a pair of Long Island City development sites with a total of 172,000 buildable square feet, The Real Deal has learned.
Both sites are home to a one-story warehouse and sit across the street from each other, near the Hunter’s Point South waterfront. The 60,000-square-foot site at 5-02 54th Avenue offers 120,000 square feet of development rights. The 26,000-square-foot site at 52-37 2nd Street comes with 52,000 square feet of development rights.
Juliano hired a Pinnacle Realty team led by Gary Blum and David Junik to market the land as a possible residential, retail or office redevelopment.
“The owner bought them 10 years ago and has taken advantage of the environment,” Junik told The Real Deal.
Junik said he expects the sites to sell for $300 per buildable square foot, given the existing FAR and the option to seek upzoning. Since Juliano acquired the sites in 2004, rezoning efforts in Long Island City have paved the way for a surge in commercial as well as residential development. TF Cornerstone, Related Companies, Lightstone Group, Toll Brothers and other developers have been active in the area.
A neighboring warehouse site at 202-242 54th Avenue owned by a local beer distributor comes with a colossal 1.6 million buildable square feet.