REAL ESTATE Rendering courtesy of HCD Architect GOT A HOT REAL ESTATE STORY IN QUEENS? Buildings on 45th Avenue Photo courtesy of Modern Spaces Multi-lot Court Square development site hits the market for $41.5M BY LIAM LA GUERRE lguerre@queenscourier.com/@liamlaguerre 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 marketed 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 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, offi ce 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. First look at 13-story mixed-use development near Astoria Cove BY LIAM LA GUERRE lguerre@queenscourier.com/@liamlaguerre Plans for a mixed-use development that would include apartments and medical offices across the street from the huge Astoria Cove project are progressing. Drawings for the project were provided to The Courier. 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. Contact Liam La Guerre Real Estate Editor EMAIL: lguerre@ queenscourier.com TWITTER: @liamlaguerre MASSIVE FLUSHING DEVELOPMENT SITE TO GO ON SALE BY LIAM LA GUERRE lguerre@queenscourier.com @liamlaguerre Flushing is poised for the sale of a large development site. The property across from the Sky View Parc complex will be going on sale, New York YIMBY reported. The seller, ABS Flushing Development, bought the property in 2006 for $26 million. The land at 131-35 Roosevelt Ave. had plans approved by the Buildings Department in 2008 for a major development, which included four mixed-use buildings at 16 stories. Originally designed by Ismael Leyva Architects and called River Park Place, the project would have had 457 apartments. Renderings of the project are still posted on the architect’s website. River Park Place will not be the only major development site in Flushing to see time on the market. Last year, the second phase development rights of Flushing’s Sky View Parc luxury condo project, which included approved plans for a threebuilding residential complex, were listed for sale by Massey Knakal. The property was reported to have asking prices of more than $100 million. THE COURIER/Photo courtesy of Scott Bintner However, Onex Real Estate Partners, the team that designed phase one of the Sky View Parc condominiums, retained the site and will go ahead and develop the second phase of the project, which includes more than 800 luxury condos in nearly 750,000 square feet. “We are eager to bring the next chapter of this thriving community to fruition,” a representative of Onex said.
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