LIC development site with 145K sf hits the market

Offices, hotel could rise on Northern Boulevard parcels

TRD 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
38-42 12th Street (Credit: Google Maps)

Joint venture plans 400K sf commercial project for LIC

The Real Deal interviews TF Cornerstone's Tom Elghanayan at REBNY's 124th annual banquet.

TF Cornerstone exec: How I got over Amazon dumping LIC

A photo illustration of Michael Gianaris and Jeff Bezos (Credit: Getty Images, Wikipedia, iStock)

Gianaris wants to reform NYC tax credit programs that drew Amazon

27-34 Jackson Avenue and Rockrose's Justin Elghanayan

Rockrose plans a $100M resi tower in LIC

Amazon CEO Jeff Bezos and Tesla CEO Elon Musk with Long Island City (Credit: Getty Images, Wikipedia)

Amazon insiders: HQ2 campaign driven by Bezos’ ego, subsidy envy

The total dollar value of deals in 2019 dropped 40 percent from the year before to $6.91 billion (Credit: Unsplash)

Multifamily market had its worst year since 2011

45-10 19th Avenue in Long Island City (Credit: Google Maps)

Broadway Stages plans another Queens film studio

Charney Construction and Development's Sam Charney and 45-03 23rd Street in Long Island City (Credit: Charney Construction, Google Maps)

Charney Construction & Development branches out

arrow_forward_ios
Loading...