Residential dev site in a LIC Opportunity Zone hits the market

Site at 2-33 50th Avenue is allows for 440K sf of development

TRD New York /
Jun.June 24, 2019 09:00 AM
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

Related Articles

L&L MAG CEO MaryAnne Gilmartin, 44-02 Vernon Boulevard in Long Island City and Douglas Durst (Credit: Google Maps)

Durst deadlocked with owners of prime LIC site

29-28 41st Street, and from left: Arik Lifshitz Amit Doshi, Adan Elias Kornfeld, Jonathan Shainberg and David Schechtman (Credit: Google Maps)

Long Island City building fetches $47M in wake of rent law

Rendering of the Staybridge Suites at 38-59 11th Street

Long Island City hotel project moves forward with construction loan

42-50 24th Street and (from left) Arnold, Kenneth, Steven and Winston Fisher (Credit: Google Maps)

Fisher Bros. wants to bring a 240-unit mixed-use project to LIC

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

The development site at 98 Dekalb Avenue and Rockrose Development's Justin and Henry Elghanayan (Credit: Google Maps)

Rockrose is moving into Brooklyn