LIC development site with 145K sf hits the market

Offices, hotel could rise on Northern Boulevard parcels

New York /
May.May 19, 2015 03:45 PM

A partnership led by attorney Chris Chin and Demar Plumbing head Alex Demarinis is looking to sell a Long Island City development site with 145,000 buildable square feet for $30 million, sources told The Real Deal

The site at 35-02 Northern Boulevard holds two low-rise commercial buildings and boasts 315 feet of frontage on the boulevard.

An Ariel Property Advisors team led by Daniel Wechsler and Jesse Deutch are marketing the property for the possible development of an office building or a hotel with ground-floor retail. The site has M1-5 zoning, allowing for several options.

“There are the strengths of transportation and a cheaper price point in Long Island City,” Wechsler told TRD. “There is a huge demand for offices here, and hotels are also booming.”

The group of private investors, who could not be reached for comment, bought the property last year for $11 million, records show.

Elsewhere in the neighborhood, One Court Square and the fee interest for Two Court Square are both up for sale. The former, also known as the Citigroup Building, could be reinvented as apartments under a new ownership, as previously reported.


Related Articles

arrow_forward_ios
One Court Square in Long Island City QNS and Savanna managing director Brian Reiver (Wikipedia, Loopnet, Getty))
Savanna’s LIC office tower nabs big tenant
Savanna’s LIC office tower nabs big tenant
A photo illustration of Tishman Speyer CEO Rob Speyer and 28-10 Jackson Avenue in Long Island City (Getty Images, Tishman Speyer, Google Maps)
LIC tenant claims Tishman Speyer violated rent stabilization
LIC tenant claims Tishman Speyer violated rent stabilization
Carmel Partners' Ron Zeff and a rendering of the LIC project (Getty Images, Carmel Partners, Privcap)
Carmel Partners nabs $364M loan for Queens development
Carmel Partners nabs $364M loan for Queens development
Chris Jiashu Xu and the Skyline Tower (Photo Illustration by Steven Dilakian for The Real Deal with Getty Images, Jim.henderson, CC BY-SA 4.0 - via Wikimedia Commons)
Skyline’s $1B slog: The quest to sell out Queens’ tallest building
Skyline’s $1B slog: The quest to sell out Queens’ tallest building
From left: Century Development's Group’s George Xu and City/Rybak Development’s Sergey Rybak with 78-29 Austin St./11-36 45 Road
Rybak, Century file to build Queens multifamily projects
Rybak, Century file to build Queens multifamily projects
Tavros Capital’s Nicholas Silvers and Charney Companies’ Sam Charney in front of 24-05 thru 24-19 Jackson Avenue in Long Island City (Getty Images, Tavros Capital, Charney Companies, Google Maps)
Tavros, Charney plan 55-story rental on long-stalled site
Tavros, Charney plan 55-story rental on long-stalled site
IPG's Andrew Chung with rendering 23-30 Borden Avenue (Innovo Property Group)
Andrew Chung lands major refi for LIC last-mile project
Andrew Chung lands major refi for LIC last-mile project
Knickpoint Ventures' Matthew Sprayregen with 160 John Street and 37-19 Crescent Street (Knickpoint Ventures, Google Maps)
Sprayregen son sells self-storage for $56M payday
Sprayregen son sells self-storage for $56M payday
arrow_forward_ios

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

Loading...