BY YVETTE BROWN
Cushman & Wakefield announced the closing of $104 million land loan just north of One Court Square in Long Island City, and has retained on an exclusive basis to sell a development site at 41-05 29th St.
The land loan site consists of nine parcels and contains about 780,000 square feet of development potential for residential office, retail and hotel use.
“We found a great lender who also recognized the upside in the Long Island City submarket, and closed the loan within five weeks,” said Cushman & Wakefield’s Morris Betesh, who handled the transaction, in a written statement. “We are excited about the future potential for this site and the creative development we know our client will deliver.”
The site, located on 29th Street is being sold for more than $6 million and is a two-story building on a 75-foot by 51-foot lot. It features a development potential of about 27,000 square feet. The site is also situated within the mixed use zoning districts. There are no violations and no permits have been filed.
“Its proximity to Queens Plaza and many of the neighborhoods biggest developments put this site at the center of much of the action happening in the neighborhood,” said Cushman & Wakefield’s David Chkheidze, who is exclusively marketing the site, in a written statement. “The favorable R10 zoning allows for 12.0 [Floor Area Ratio] that alone will garner tremendous activity on this site.”
Reach Yvette Brown at (718)357-7400 ext. 128, firstname.lastname@example.org or @eveywrites