After scare in Albany, big development site hits the market in LIC
A Long Island City warehouse near the waterfront has hit the market, offering a buyer the chance to raise a residential tower in a neighborhood where housing development has boomed.
The owner of the two-story warehouse and an adjacent parking lot at 2-33 50th Ave. has hired a sales team from JLL led by the firm’s chairman of New York investment sales, Bob Knakal, to market and sell the property.
The site, which can accommodate more than 440,000 square feet of new space, is being offered without an asking price. It is expected to trade for tens of millions of dollars.
“It’s the best development site available in Queens right now,” Knakal said, noting that the building is within an opportunity zone—a federally designated area where investments can allow for capital gains to be sheltered from taxation. “There will be a lot of interest both from the development community and from opportunity-zone buyers.”
The site sits a block from the Vernon Boulevard subway station on the No. 7 line, offering a close connection to Manhattan and, Knakal noted, the Hudson Yards development, which opened this year.
Working with Knakal on the sale are JLL brokers Jonathan Hageman, Stephen Palmese and Brendan Maddigan.