Teamsters put LIC development site near 5Pointz on the market
Land with 76K buildable sf could give rise to 9-story resi building
A local affiliate of the International Brotherhood of Teamsters labor union is looking to sell a development site near 5Pointz in Long Island City that offers just shy of 76,000 buildable square feet, The Real Deal has learned. The union is asking $29 million.
The 17,000-square-foot site at 22-43 Jackson Avenue in Court Square, which currently holds the single-story headquarters of the local 808 pension and health fund union, could make way for a residential building of up to nine stories high.
The lot, which Pinnacle Realty’s Decio Baio and David Junik are marketing as an opportunity to build an apartment building with ground-floor retail, is zoned for both commercial and residential use.
It’s Just Up The Road from MoMA PS1 at 22-25 Jackson Avenue and developer Jeffrey Gershon’s 182-unit rental project at 22-22 Jackson Avenue, and across the street from the Wolkoffs’ 5Pointz redevelopment site. Also, plastic packaging firm Plaxall is asking $53.5 million for a development site at 22-12 Jackson Avenue with nearly 170,000 buildable square feet, as TRD reported.
If the site at 22-43 Jackson Avenue were to sell, the union would relocate and the building would likely be demolished, Junik said.
Correction: A previous version of this article incorrectly identified the developer of the 5Pointz site. It is the Wolkoffs.