MULTI-LOT COURT SQUARE DEVELOPMENT SITE HITS THE MARKET FOR $41.5M A seven-lot portfolio near the heart of the hot Court Square area in Long Island City is asking for $41.5 million, and will probably get that much or more soon. A collection of six landlords are selling the two- and three-story townhouse buildings on the parcels, which are being marketing by Modern Spaces and The Corcoran Group. The landlords combined the properties to maximize buildable rights. Together the site has about 11,145 square feet, and offers 167,000 buildable square feet, The Real Deal reported. The portfolio of properties has only been on the market for three days and there have been offers around the asking price, said Evan Daniel, vice president at Modern Spaces. Three of the buildings are located on 45th Avenue at 23-10, 23-14, and 23-16. The remaining properties are at 45-03, 45-05, 45-07 and 45-09 23rd St. The size and zoning of the site allows for many possible uses, and Daniel believes it could be great for a mixed-use structure. “I think retail hasn’t really come yet to this area, but we all know it will come here. I think it would be good for this project,” Daniel said. “You can have a tremendous mixed-use project here with residential, office and retail.” Because it is located across from One Court Square, also known as the Citibank Building, and near the mix of Court Square subway transit options, the location will be attractive to developers. “One thing we know about this project is that location is second to none,” Daniel said. Photo courtesy of Modern Spaces 45th Avenue properties First look at 13-story mixed-use development near Astoria Cove Plans for a mixed-use development that would include apartments and medical offices across the street from the huge Astoria Cove project are progressing. Ming & Garden Realty LLC, which owns the land at 26-01 4th Ave. near the Astoria waterfront, filed plans to demolish the current two-story building on the site last July, and then filed in December to construct the tall mixed-use project. The ground floor and second floor will be used for the medical office, while the third to the 30th floors will include 118 apartments in 122,510 square feet of space, according to veteran Baysidebased architect Tim Hao of HCD Architect, who is designing the building. Ming & Garden Realty purchased the site in 2012 for nearly $7 million, according to city records. The site is also several blocks away from the Hallets Point mega project that the Durst Organization is working on. Rendering courtesy of HCD Architect
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