Assignments

Long Island City Development Site

21-48 44th Drive, Long Island City, NY 11101

21-48 44th Drive, Long Island City, NY 11101

under contract

Asking
Sale Price
$
3500000

Property Details

Status
For Sale
Property Type
Residential Development Site
Price Summary
$
3500000
Sale Price
$
Buildable SF
10000
Building SF
10000
LOT SF
10000
Cap RATE
%
Zoning
M1-4/R7A, LIC

Highlights

  • 25' x 100' Lot Zoned M1-4/R7A, LIC. 10,000 Buildable Sq. Ft. As-of-Right.
  • Located 2 Blocks from the Court Square 7-Train Subway Stop
  • Occupied & Cash-Flowing - Can Be Delivered Vacant
  • Average Nearby Condo Sellout ~$1,700/SF.
  • Waived Parking - Located Inside Manhattan Core & LIC Parking Area

Property DEscription

This property features a midblock lot spanning 2,500 square feet, located in the highly desirable Long Island City neighborhood. Measuring 25 feet by 100 feet, this site offers excellent potential for development in a prime location. Zoned M1-4/R7A, the property allows for the construction of a market-rate residential building up to 10,000 square feet. Additionally, under the recently passed Universal Affordability Preference, the development potential increases to approximately 12,525 square feet, making it an exceptional opportunity for affordable housing projects. Currently, the site hosts a 2,500-square-foot commercial/warehouse building occupied by month-to-month tenants, providing potential shortterm income while planning for re-development. This property offers a unique opportunity to capitalize on Long Island City's thriving market and favorable zoning regulations.

Map

Christopher Daniels
Senior Associate
(917) 238-9119
CDaniels@landairnyc.com
Alexandre Goulet
Partner
(646) 559-4700
ag@landairnyc.com

Documents

Offering Memorandum
Data Room

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