Residential dev site in a LIC Opportunity Zone hits the market

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

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

David Schechtman, Bob Knakal, Peter Von der Ahe

Top I-sales brokers on what to do when there are no deals

38-42 12th Street (Credit: Google Maps)

Joint venture plans 400K sf commercial project for LIC

The Real Deal interviews TF Cornerstone's Tom Elghanayan at REBNY's 124th annual banquet.

TF Cornerstone exec: How I got over Amazon dumping LIC

A photo illustration of Michael Gianaris and Jeff Bezos (Credit: Getty Images, Wikipedia, iStock)

Gianaris wants to reform NYC tax credit programs that drew Amazon

27-34 Jackson Avenue and Rockrose's Justin Elghanayan

Rockrose plans a $100M resi tower in LIC

Amazon CEO Jeff Bezos and Tesla CEO Elon Musk with Long Island City (Credit: Getty Images, Wikipedia)

Amazon insiders: HQ2 campaign driven by Bezos’ ego, subsidy envy

45-10 19th Avenue in Long Island City (Credit: Google Maps)

Broadway Stages plans another Queens film studio

Charney Construction and Development's Sam Charney and 45-03 23rd Street in Long Island City (Credit: Charney Construction, Google Maps)

Charney Construction & Development branches out