The Court Square Assemblage, Long Island City, NY 11101
Mixed - Use Development Site
SOLD
A 66 page offering memorandum is available for this listing. It contains information about the current market for new development in Long Island City and further information about the zoning. The offering memorandum will be made available upon request.
Modern Spaces and the Corcoran Group are excited to announce that we have been retained on an exclusive basis to arrange for the sale of “The Court Square Assemblage,” an assemblage of seven tax lots boasting substantial development potential in the Court Square sub-district of Long Island City. The properties are located across the street from the Citi Building and 1/2 block off of Jackson Avenue in the heart of Long Island City.
The Assemblage: A minimum of 10,000 square feet of land triggers a bonus within the C5-3 district allowing for an F.A.R. of 15.0 for mixed - use development. The Court Square Assemblage, with a total footprint of 11,145.2 square feet, has 167,178 as - of - right buildable square feet. An additional 20% F.A.R. bonus can be awarded through the addition of a pedestrian plaza. Possible uses include, but are not limited to residential, retail, office and hotel.
In addition to the seven tax lots, also offered for sale are the air rights over the properties at 24-23/33 Jackson Avenue. The lots (size totalling 7,063.64 square feet) are occupied by 13,000 square feet of existing structure, leaving 92,954.6 square feet of air rights available for purchase. A developer may cantilever an additional 8 stories over the existing structures (for a total of 10 stories) before setback rules apply.
The Location: The Court Square Assemblage is in one of the most valuable locations in Western Queens. Local neighbors include Citibank, Metlife, Barclays, HSBC, JetBlue, Silvercup Studios, CUNY Law and over 10,000 new and in-progress luxury housing units. Transit options are amongst the best in New York City, as both Manhattan and Brooklyn are only stops away from the seven nearby subway lines (E, M, G, N, R, Q & 7), four of which (E, M, G, & 7) have station locations less than one block away. Road access to the rest of the city and beyond is served by The Queensboro Bridge, The Midtown Tunnel, The Brooklyn - Queens Expressway, The Long Island Expressway and The Pulaski Bridge, amongst others.
The Value: Demand for luxury residential, local retail, and high end office space continues to be at record levels. Local residential values have topped $55 per square foot for rentals and $1,000 per square foot for condominium sales. Retail rates have exceeded $65 per square foot in the immediate vicinity and class A office space can rent for more than $40 per square foot.
The Opportunity: As land is becoming more and more scarce, demand continues to rise from both developers and end users of all asset classes. The Court Square Assemblage offers a developer the opportunity to join the fastest growing neighborhood in New York City with a substantial project on one of the best blocks in town.
For more information, contact Evan Daniel at (718) 451-8811 or at evan@modernspacesnyc.com.