NEW YORK | Jasper Hunters Point (2-33 50th Avenue) | FT | 12 FLOORS
Residential dev site in a LIC Opportunity Zone hits the market
Site at 2-33 50th Avenue is allows for 440K sf of development
Quote:
A massive development site in Long Island City has hit the market — and it’s in an Opportunity Zone.
The site at 2-33 50th Avenue consists of a two-story warehouse and an adjacent parking lot, according to Crain’s. The site can accommodate a project spanning 440,000 square feet, and its zoning allows for 420,000 square feet of residential space.
A JLL team led by Bob Knakal is handling the listing for the site, which is being marketed without an asking price. The site is expected fetch tens of millions of dollars.
Knakal told Crain’s that almost all of the new apartment and condo supply in Long Island City has been absorbed, and the area has seen a lull in development in recent years.
“There’s an air bubble in the supply of new apartments here,” he said. “A developer could take advantage of that with this site.”
After scare in Albany, big development site hits the market in LIC
Quote:
A Long Island City warehouse near the waterfront has hit the market, offering a buyer the chance to raise a residential tower in a neighborhood where housing development has boomed.
The owner of the two-story warehouse and an adjacent parking lot at 2-33 50th Ave. has hired a sales team from JLL led by the firm’s chairman of New York investment sales, Bob Knakal, to market and sell the property.
The site, which can accommodate more than 440,000 square feet of new space, is being offered without an asking price. It is expected to trade for tens of millions of dollars.
“It’s the best development site available in Queens right now,” Knakal said, noting that the building is within an opportunity zone—a federally designated area where investments can allow for capital gains to be sheltered from taxation. “There will be a lot of interest both from the development community and from opportunity-zone buyers.”
The site sits a block from the Vernon Boulevard subway station on the No. 7 line, offering a close connection to Manhattan and, Knakal noted, the Hudson Yards development, which opened this year.
[...]
Working with Knakal on the sale are JLL brokers Jonathan Hageman, Stephen Palmese and Brendan Maddigan.
To be known as the Lyra , the development will have a combined 544 rental units where approximately 30 percent will be allocated to households earning between 80 to 130 percent of the area median income.
The LIC project is likely in its nascent stages with no demolition nor construction permits having yet been filed. However, schematic renderings used to pitch the property's sale offers a preview of what zoning allows. Flanked by low-rise wings, the tower could be positioned east of Citylights to provide more open views to the north and south. The site is a block from the 7 train's Vernon Boulevard subway station, offering quick commutes to Grand Central, Times Square, and Hudson Yards. Development along the LIC waterfront has generally moved southward as towers in the Hunters Point South master plan by Gotham and TF Cornerstone begin to come online. To the north, encircling Anable Basin, a necklace of underutilized sites, part of which were envisioned for AmazonHQ2, is navigating the city's land use process.
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Huh? What are those yellow supertalls at the shore? Is Queens finally getting supertalls?
I think those are conceptual drawings from the Amazon HQ2 proposal. This building is south of Anable Basin, where HQ2 was thought to be located. I doubt the FAA will ever allow a building taller than 800 ft. in Queens.
Correct. A lot of those are also projections of what may rise due to rezoning. Nothing set in stone but more of a massing of what in theory could rise or the areas potential.
^Gotta finish demo of the existing structure, first. This is Site Prep.
Very crude numbers obviously…but how long would demo take for this site?
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Warehouse completely demolished and almost all debris picked up. Large drilling machine doing work all day today
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Excavation has begun for the large mixed-use development set for 2-33 50th Avenue in Long Island City, Queens. The 12-story building, soon to be known as "Jasper Hunters Point", is set to contain 499 rental apartments. Learn more about the project here.
Not sure how accurate that rendering really is considering there's a new(ish) huge fan plant there where they have the black "garage door".
In any event, a tall crane in the center of the site went up about a week ago.
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The developers website shows that rendering and the other perspective posted on the construction fence - which for good neighborhood PR shows the development as shorter than what it will in fact be. As for that black garage door in the rendering, that appears to just be artistic license. The remodelled Steinway Tunnels vent facility was recently completed by the MTA and will essentially be buried within the new development.
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The developers website shows that rendering and the other perspective posted on the construction fence - which for good neighborhood PR shows the development as shorter than what it will in fact be. As for that black garage door in the rendering, that appears to just be artistic license. The remodelled Steinway Tunnels vent facility was recently completed by the MTA and will essentially be buried within the new development.
Ah, thanks! Do you think the rendering is showing a conservative number of floors in each tower or each floor's ceiling will be higher...or a bit of both? What do you think the final height will end up being?
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The perspective is a bit weird. The rendering on the fence shows it from 5th and 49th. You woyld think you would see the tallest elements from that view but they seem to be obscuring how much they will loom over the street and the building looks slightly vertically compressed - both common rendering tricks to minimize hysteria. This looks like a really nice project. This development group does good work. I was just looking at their site. The project in Mott Haven is quality.
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NEW YORK | Jasper Hunters Point (2-33 50th Avenue) | FT | 12 FLOORS
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