The Real Deal New York

Here’s the latest condo building cashing in on the LIC boom

5 Court Square will have 58 residential units
By Meenal Vamburkar | November 20, 2018 10:00AM

5 Court Square (Credit: Google Maps)

Another developer is joining in on the Long Island City frenzy.

Zhidong Wu is bringing a 58-unit residential building to 5 Court Square, or 25-24 Jackson Avenue, according to plans filed with state attorney general’s office. The condominium building will also have commercial space and storage units.

The offering plan — which doesn’t indicate a price — was filed last week, coinciding with Amazon’s announcement that the company will open a campus in LIC. The move is expected to quell concerns about oversupply in the neighborhood and push up prices.

Permits were filed for the building in 2014. Plans call for about 57,000 square feet of residential space and nearly 5,000 square feet of commercial space. The building will include bike storage and several residential terraces.

ABC Realty sold the development site for $15.7 million. Modern Spaces is marketing the building.

The site is near Savanna’s One Court Square, where Amazon entered a letter of intent to lease 1 million square feet. Citigroup plans to vacate its space in 2020.