The Real Deal New York

Court Square site with 167K buildable sf hits market for $42M

Modern Spaces, Corcoran marketing townhouses as mixed-use project
By Mark Maurer | January 20, 2015 05:35PM

UPDATED, 4:31 p.m., Jan. 21: A Court Square development site offering more than 167,000 buildable square feet has hit the market for $41.5 million. 

The seven parcels – which each contain two- or three-story multi-family townhouses – collectively span 11,145 square feet. Across the street from the Citi Building in Queens, the properties are located at 23-10 45th Avenue, 45-03 23rd Street; 45-05 23rd Street; 45-07 23rd Street; 45-09 23rd Street; 23-14 45th Avenue; and 23-16 45th Avenue. The assemblage’s combined frontage on both 45th Avenue and 23rd Street is 155 feet.

A consortium of six private landlords owns the buildings. The owners, respectively, are Bert Kupferman, Juena Akhter, Esther Guadiello, Mary Pura Rera (for both 45-07 23rd Street and 45-09 23rd Street), Constance Gil and Gerda Milin.

Modern Spaces and the Corcoran Group jointly assembled the land for the sale and are marketing it as a mixed-use development site to a single owner.

A Modern Spaces team led by Evan Daniel and David Grossmann are marketing all of the parcels but two. Corcoran’s Andrew Mapp is marketing 23-14 45th Avenue and 23-16 45th Avenue.

“It’s a great opportunity for a developer to come into this unique space,” Mapp said.

The buildings could be redeveloped to house retail at the base, office above it and a residential component on top, Daniel said.

“Retail has not really come to fruition in Long Island City,” Daniel told The Real Deal. “We’re seeing strong retail demand on Jackson Avenue, which is why it would be a great fit on the ground floor of this project.”

Thousands of rental and condominium units are coming online in the Court Square area, as TRD reported.

Jonathan Kushner and Ironstate Development acquired a minority stake in Modern Spaces earlier this month.