Long Island City, NY - Further demonstrating Long Island City’s tremendous growth over the past few years, CBRE has arranged the $2.95 million sale of a site currently containing two industrial properties slated to be developed into a new residential property. The CBRE team of Matthew Giordano and John Reinertsen arranged the sale on behalf of the seller, a long time owner of Long Island City assets.
Located on the east side of 33rd Street, between 38th Avenue and 37th Avenue, the two properties (37-23 & 37-25 33rd Street as well as 37-25 & 37-29 33rd Street) are currently occupied by tenants with expiring leases. The new ownership plans to redevelop the site, which has been rezoned for residential use. With approximately 100 feet of frontage, the site offers the ideal footprint for a first-class residential property with potential for excellent retail and parking options. In addition, both properties are ideally situated within short walking distance to the 39th Avenue subway station and the N & Q lines as well as the 36th Street subway station with access to the M & R subway lines – just one stop to Manhattan. In addition, the properties are close to the Brooklyn-Queens Expressway, the Long Island Expressway, the Queens-Midtown Tunnel and the 59th Street Bridge.
“We understood the full potential of this site as soon as we were appointed the exclusive sales agent,” notes Mr. Giordano. “It is ideally located in of Long Island City, but still in a neighborhood that has not experienced the same level of redevelopment seen in the rest of the area. The new ownership plans to develop a new apartment building, which will be the first of its kind on 33rd Street.”