Shibber Khan’s Criterion shopping large LIC dev site

Developer bought the five parcels with 253K buildable sf last year

TRD New York /
Aug.August 10, 2016 02:15 PM

Shibber Khan’s Criterion Group is looking to sell a massive, largely vacant Long Island City development site just a year after buying it, sources told The Real Deal.

The Astoria-based development firm was initially planning a long-term hold of the five parcels at 31-08 and 31-16 Northern Boulevard. But, sources said, Criterion received several offers from developers interested in building a large office complex on the site.

The site, which includes several vacant lots and a two-story, 14,500-square-foot taxi garage leased to cab company Wailing Management, offers 253,000 buildable square feet. Decades ago, the structure was known as the Universal Building and housed a Ford dealership.

Sources told TRD the parcels are expected to sell for north of $50 million.

“There is an uptick in demand in Long Island City for office space — from companies looking to relocate and end users that want to purchase their own headquarters space,” said Pinnacle Realty’s TRData LogoTINY David Junik, who is marketing the site along with his colleague Decio Baio.

Junik added the site could benefit from a residential rezoning of the area, as a result of the Long Island City Core Neighborhood Planning Study currently being conducted by the Department of City Planning.

Steven Newman, a local investor tied to Howling Wolf Realty LLC, bought the site in 2004 for $3.6 million. Then, in May 2014, Williamsburg-based investor Joel Gluck, who runs Spencer Equity and Park Management, signed a contract to buy it from Newman. Gluck instead flipped the site to Criterion in a $40 million deal in April 2015, sources said at the time. Criterion paid $28 million to Newman, records show, and the rest to Gluck.

Earlier this summer, Criterion secured $27.5 million in mortgages from Signature Bank and the Malachite Group, records show.

Khan’s plate is currently full with two Queens rental projects: one with 194 apartments at 11-39 49th Avenue in Long Island City and the other with 711 apartments at 30-37 Vernon Boulevard in Astoria.

Related Articles

Jackson Park at 28-40 Jackson Avenue and Tishman Speyer's Rob Speyer (Credit: StreetEasy and Tishman Speyer)

Tishman Speyer locks in $1B in financing for Jackson Park

Clutter CEO and co-founder Ari Mir, and clockwise from left: 280 Fullerton Avenue, 1 Holland Avenue, 3046 Northern Boulevard and 5601 Foster Avenue (Credit: Linkedin, Google Maps)

Self-storage startup Clutter makes its first real estate play with $152M deal

43-20 49th Avenue in Long Island City and Andrew Chung of Innovo Property Group (Credit: Google Maps)

Andrew Chung tees up Queens’ biggest deal of 2019

Court Square Place at 24-01 44th Road in Queens and The New York Times' A.G. Sulzberger (Credit: Google Maps and Getty Images)

All the news that’s fit for Queens: NYT inks lease in Long Island City

Corcoran President & CEO Pamela Liebman (Credit: Corcoran, Getty Images)

Welcome to Queens: Corcoran opens first borough outpost

A rendering of Skyline Tower (Credit: Skyline Tower LIC)

A luxury development in LIC is to blame for viral subway flooding video: MTA

Clockwise from top left: 950 and 957 Woodycrest Avenue in the Bronx and 47-50 30th Street in Queens (Credit: Google Maps)

Here’s what the $20M-$30M NYC investment sales market looked like last week

5Pointz Towers and David and Gerald “Jerry” Wolkoff (Credit: CityRealty and Pixabay)

“We were always pro-artist”: Developer that knocked down 5Pointz wants to patch up relationship with NYC artists