■REAL ESTATE LIC commercial building up for sale, ripe for conversion or development 47-01 Van Dam St. BY LIAM LA GUERRE [email protected] I @LiamLaGuerre An old Long Island City manufacturing building that was transformed into office space has been listed for sale and could be converted yet again. The 54,000-square-foot building at 47-01 Van Dam St., which was formerly used for printing, is being marketed by real estate firm CBRE, and the brokerage believes the property will be valuable to buyers looking to open a hotel or even redevelop the building for other uses to maximize profits. “Given the tremendous growth of LIC over the past few years, the property is ideal for acquisition by a number of investors looking for a value-add opportunity,” said CBRE’s Joshua Kleinberg, who with John Reinertsen is representing the seller. “The property is located in proximity to a number of transportation options as well as new high-end projects taking shape around the neighborhood. A creative buyer can find tremendous return with the proper use.” Between 47th and 48th avenues, the building is situated not far from the five-story Falchi and the 10-floor Factory, which are old industrial buildings that were converted into mixed-use office and retail structures. Although the three-story building on Van Dam Street is much smaller than those larger properties, the structure still has popular industrial qualities that are attractive to buyers. There are 15-foot ceilings and passenger and freight elevators, and natural light soaks each floor of the building with windows on all sides. The building is also located just a few blocks from the 33rd Street 7 train subway station. Photo courtesy CBR announced plans to construct a 1,800-unit residential development on a vacant site in the area as well. Award-winning LIC LIC taxi lot sells for $43.5M,186-unit luxury residential tower coming Since the huge development site at 22-12 Jackson Ave. in Long Island City was listed last year by Eastern Consolidated, many have anticipated an equally large sale and a big project to be announced. That announcement came Monday as Adam America Real Estate closed on the site for $43.5 million and plans to develop a 186-unit luxury residential condo tower on the lot, Eastern Consolidated said. The property was originally asking for $53.5 million back in November. Adam America plans to raze the property on the site, which has 33,900 square feet and is currently occupied by a taxi company, for the new tower. Plans have yet to be filed with the Department of Buildings, but the new luxury development is planned to be 11 stories with 210,000 square feet, including 5,000 square feet of ground-floor retail. Architecture firm ODA will be designing the building and Issac & Stern Architects will be the architect of record. “Adam America will deliver a new luxury condominium tower, which will be extremely well received by the market given its prime, central location and convenient access to multiple subway lines,” said Ronald Solarz, executive managing director at Eastern Consolidated. “Long Island City is one of New York’s most exciting, growth markets with incredible demand for additional residential product.” The new luxury tower will feature various amenities, including a swimming pool, spa, residents lounge, bike storage, storage, a fitness center, children’s playroom, doorman, courtyard and 15,466 square feet of private parking. The site is around a rapidly transforming section of Long Island City. Across from 22-12 Jackson Ave. is MoMA PS1 and adjacent to it at 22-22 Jackson Ave., construction on the ODA designed 182-unit, mixed-use apartment building is still ongoing. Also down the block is the site of the former graffiti mecca 5Pointz, which is also being transformed into a huge 1.2-million-square-foot residential complex. Nearby is One Court Square, which is reportedly on the market, and Tishman Speyer has office building for sale, could see conversion A three-story office building in Long Island City that has won awards for its design has been listed for sale and could be converted for other uses with a new owner. The nearly 8,000-square-foot commercial building at 10-09 49th Ave., which is shaped like an “L,” was listed with Ariel Property Advisors for $4.4 million. The first floor has a garage that can fit about eight cars and the upper levels have 5,700 square feet of office space. Because of its ground-floor parking, which is a challenge to find in Long Island City today, the building will be valuable to owners, because they should be able to charge tenants higher rents. The average office rent in Long Island City is about $31 per square foot, according to Daniel Wechsler, vice president at Ariel Property Advisors. But “given the parking and given the location I think you can achieve $45 per square foot,” he said about the building, which is off of the popular Vernon Boulevard. The building was built specifically for a security company in 2000. Its designer, Scarano Architect, was awarded the NY Council Society of American Registered Architects Merit Award in 2001 and the American Institute of Architects Brooklyn Award of Excellence in 2003 for the design. The building could also be valuable to investors because it can be converted to a mixeduse structure, subsequently increasing returns. The lease for the current tenant that occupies the second and third floors of the structure will expire in January next year, allowing a possible conversion of the firstfloor garage into a retail use. Asking rents for ground-floor retail near Vernon Boulevard are around $100 per square foot, Wechsler said, which is higher than many markets around the borough. Since the building is off Vernon Boulevard, future owners could see rents near that range if the conversion is made. Wechsler, Michael Tortorici, Victor Sozio and Shimon Shkury are marketing the building for the seller.
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