LIC Opportunity Zone dev site asks $60M

East West Development offering 334K sf

A rendering of the site at 41-50 21st Street in Long Island City (Rendering via FX Collaborative)
A rendering of the site at 41-50 21st Street in Long Island City (Rendering via FX Collaborative)

A Queens developer is looking to sell his development site in a Long Island City Opportunity Zone for more than $60 million.

East West Development is pitching its 334,000-square-foot assemblage near the Queensboro Bridge as an opportunity to build a last-mile logistics warehouse, a life-science center, a movie/TV studio or office, among other uses.

The developer is also considering proposals for joint-ventures, built-to-suit projects and ground leases.

“In Long Island City there is limited supply and high demand for life science, movie studio and new Class A medical office space,” said Peter Carillo of HKS Real Estate Advisors, who is marketing the site at 41-50 21st Street.

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Carillo added that in the Covid era, office tenants are also looking for more space outside of Manhattan.

“The site is the perfect canvas for a multi-tenant tower with the likelihood of individual tenant full-floors or for a single tenant user/corporate headquarters,” he said.

The asking price is $63.5 million, or about $190 per buildable square foot. Funding projects in Opportunity Zones allows investors to defer or reduce their capital gains. The federal program, created in the 2017 tax reform, is billed as encouraging economic development in poor neighborhoods, but many of its zones include high-demand areas such as Long Island City.