Developers to build 76-unit condo in LIC

14-01, 14-07 and 14-19 Broadway in Long Island City
14-01, 14-07 and 14-19 Broadway in Long Island City

Two developers have teamed up to build a 76-unit condominium in Long Island City after buying a development site with 78,000 square feet of buildable space.

Axelrod Development Group and Lions Group acquired a development site at 14-01, 14-07, and 14-19 Broadway on the border of Long Island City and Astoria for $10.23 million. The two partners plan to build a condo on the newly acquired site.

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Shimon Shkury, Howard Raber, Victor Sozio and Michael A. Tortorici of Ariel Property Advisors represented the seller in the deal.

“The price achieved at 14-01 Broadway demonstrates both the strength of today’s market and the market’s faith in Astoria’s future,” said Raber.

The site is zoned for residential or mixed-use development and consists of three contiguous lots with 182 feet of frontage on the north side of Broadway between 14th and 21st Streets. [REW] —TRD