The Real Deal New York

LIC development site with 145K sf hits the market

Offices, hotel could rise on Northern Boulevard parcels
By Mark Maurer | May 19, 2015 03:45PM

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.