Residential dev site in a LIC Opportunity Zone hits the market

Site at 2-33 50th Avenue is allows for 440K sf of development
June 24, 2019 09:00AM

2-33 50th Avenue in Long Island City (Credit: Google Maps)

2-33 50th Avenue in Long Island City (Credit: Google Maps)

A massive development site in Long Island City has hit the market — and it’s in an Opportunity Zone.

The site at 2-33 50th Avenue consists of a two-story warehouse and an adjacent parking lot, according to Crain’s. The site can accommodate a project spanning 440,000 square feet, and its zoning allows for 420,000 square feet of residential space.

A JLL team led by Bob Knakal is handling the listing for the site, which is being marketed without an asking price. The site is expected fetch tens of millions of dollars.

Knakal told Crain’s that almost all of the new apartment and condo supply in Long Island City has been absorbed, and the area has seen a lull in development in recent years.

“There’s an air bubble in the supply of new apartments here,” he said. “A developer could take advantage of that with this site.” [Crain’s] – Eddie Small