The Real Deal New York

Massive LIC dev site hits the market

Buyer could build four resi towers
October 18, 2017 09:30AM

55-01 Second Street (Credit: Google Maps)

Family owners put a 326,000-square-foot development site facing Newtown Creek in Long Island City on the market, hoping to cash in on the neighborhood’s high-rise construction boom.

A buyer could build four 400-foot-tall buildings spanning 1.6 million square feet, the New York Post reported.

The site at 55-01 Second Street, which sits between Vernon Boulevard and 54 4th Avenue, is currently occupied by industrial buildings. According to property records, it’s owned by the Holterbosch family. Newmark Knight Frank has the listing.

“I can make argument that land on average is trading for $300 a buildable foot, but any time you have something of this size, it goes for below market,” Ariel Property Advisors’ Daniel Wechsler told the Post.

Nearby, TF Cornerstone is planning a $925 million megaproject on the waterfront that would include 1,000 apartments, 400,000 square feet of office space, and 100,000 square feet dedicated to light manufacturing. [NYP]Konrad Putzier