A 1.75 acre development site in the middle of Hunters Point has hit the market according to Crain’s. The site currently houses an innocuous two-story windowless warehouse, parking lot and small loading bay that a quick google indicates is owned by Fortress Holding NY,
which I assume is the large private equity firm similarly named an art storage facility (ty avid-reader Shelley). As for what might be coming,
the listing, titled 50&5, touts the ability to build over 440,000 square feet of primarily residential space, which equates to roughly 40 stories. This is somewhat surprising as no other building on 5th Street whose site isn’t also on Center Boulevard goes above 12 stories. Renderings do indeed show a large tower, as well as a base occupying the entire footprint, much as the Citylights building does. Furthermore, the listing lays out the opportunity for a buyer to be the sole purveyor of condominiums in a massive tower this close to the waterfront and 7-train. The only thing the listing doesn’t state is the price, which should be higher than normal as the plot lies in a federally designated opportunity zone allowing the buyer to shelter capital gains from taxation.
//ANOTHER large and high-profile development site was created last week when 11-40 45th Road was sold for ~$26 million. Currently the 2-story home of the Radha Soami Society, we previously wrote about this Sikh group’s impact on Murray Park. In light of the sale, their exit is another symbol of the changing of the guard in LIC.
//LIC is getting a BJ’s Warehouse and a Burlington Coat Factory on Northern Blvd. according to QNS.com. Speculated on almost three years ago, looks like it’s finally going to happen.
Big LIC Development Site Hits The Market – potentially 400k+ sq ft of condos
2-33 50th Ave Listing – check out the renderings
Large Murray Park Parcel Sold to Developer – the Indians sell out to the Chinese, only in Queens!
LIC Strip Mall to Get BJ’s and BCF – you want BJ’s, you got’em
CB1 Approves 10-story Mixed Use Building on Northern Boulevard – one of the two “Major World” lots will bring more residential to NBoul, see rendering
Townsend Harris High School in Queens Rated Top Public School in NYC – by US World News, Baccalaureate HS in LIC #3
TV Show Actress Busted for DWI on Borden Ave in Hunters Point – early Saturday morning