An 8-acre plot of land where City Harvest currently runs its operations has been sold to TF Cornerstone according to the New York Post. Located at the very southern tip of Long Island City on Newtown Creek, it is adjacent to the “backside” of Hunters Point South Park.
The land is zoned to allow four 400-foot towers which can contain over 2,000 residential units, 1/3 of which must be affordable.
The parcel was put up for sale a year ago by a private family and the $300 million price tag comes out to $188 per square foot. Which is seemingly a bargain even before the Amazon announcement given that previous land deals had been trading at $300 psf and the location of this one is primo. By my guesstimate the land is worth 50% more, or $450 million today post-Amazon – not a bad return in just a few weeks. Some might think it was insider trading, but that’s not applicable in real estate!
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