GENERAL INFO and PROJECT OVERVIEW
Asking Price: 31 Million
Owner now accepting bids.
Fee: Suggested 3% payable by buyer
*Financials and pricing will be released after a formal LOI & POF has been delivered.*
Allowable Facility Approach: 6.5 Ratio Of Air Rights
Maximum Buildable: 130,000 Gross
To Be Built: 25-30 STORY
Building Lost Factor: Building Lost Factor 20% = 26,000
Buildable Of: 104,000 SF NET
Commercial Overlay: NONE
Floor Ratio: 1.06
Lot Area: 20,000 SF (200X100)
Building Frontage: 200’ *(Building Frontage Along The Street Measured Feet)
Building: Floor Building Area: 21,250
Max Allowed Residential FAR: Zero
Max Allowed Facility FAR: A 6.5 Air Rights Buildable
Hotel-Key: 300 -350 Units
• Delivered Vacant
• 200’ x 100’ lot size
• Steps from Queens Plaza Station
• 1 Block from 7 train
LONG ISLAND CITY OVERVIEW
Long Island City is located in western Queens, just across the East River from Midtown Manhattan and the Upper East Side. It is bounded to the west and north by the East River waterfront, to the east by 51st and Hobart Streets and to the south by the Brooklyn border at Newtown Creek. The area’s location is just a few minutes from Midtown Manhattan and at the geographic center of New York City which has allowed it to thrive as a transportation hub, served by eight New York City subway lines and 13 bus lines.
Long Island is recognized as one of the most vibrant and transforming neighborhoods in New York City. Home to Fortune 500 companies, world-renowned arts and cultural institutions, prominent film and television studios, and 32,678 residents, Long Island City is a diverse and desirable New York City neighborhood.
Long Island City Rezoning of 2001
The Department of City Planning identified central Long Island City as a growth area with significant potential for office, retail and residential development, and on July 26, 2001, the City Council adopted the Department’s initiative to rezone 37 centrally located blocks in the area. The rezoning added 34 blocks to an existing three- block section located at Court Square that was rezoned in 1986 for high development in order to facilitate the construction of the Citibank building, a 1.25 million square foot office tower. As part of the rezoning, Long Island City was named the City’s Fourth Central Business District.
The purpose of the new zoning was to facilitate commercial development at increased densities, to allow new residences to mix with commercial and light industrial uses, which were already allowed, and to foster reinvestment and redevelopment that take advantage of Long Island City’s excellent mass transit access and its supply of large, underdeveloped properties. In the Long Island City core, the rezoning replaced existing low density light manufacturing zones with higher density, mixed commercial and residential zones to allow as-of- right developments, including office buildings with large, efficient floor plates. The rezoning effort, combined with additional city and state initiatives to develop more attractive streetscapes, renovate subway stops, improve the flow of traffic, and provide new targeted tax and economic development incentives, laid a strong foundation to support Long Island City’s continued growth.
Within Long Island City, Queens Plaza and Court Square are the two primary business districts. The Project is located in the Queens Plaza area that is comprised of several large former industrial buildings that have been, or are in the process of being repurposed for office or light industrial use. The excellent transportation infrastructure, and the development of Class A office buildings in Long Island City, have encouraged employers to relocate, or continue to operate in Long Island City. Some of these companies include:
•Citigroup has 4,800 employees working in the 48-story, 1.4 million square foot One Court Square building, the tallest building in New York City’s Outer Boroughs. The 488,000 square foot office building was built by Turner Construction and completed in 1990.
•JetBlue, which had been based in Forest Hills since 2000, relocated to Long Island City in 2012. JetBlue occupies approximately 200,000 square feet at the Brewster Building with approximately 1,000 employees.
•Macy’s, which recently re-located a merchandise department from Brooklyn to a 150,000-square-foot full floor at the Factory Building in Long Island City. The Factory Building is about 1 million square feet in size and is owned by a partnership between Atlas Capital, Square Mile and Invesco.
•Steve Madden has operated its corporate headquarters in Long Island City since 1994. The company has over 1,100 full-time employees based in Long Island City.
•Brooks Brothers has manufactured their ties in Long Island City since 1999. According to a 2009 article, the factory employs over 122 people and distributes approximately 1.5 million ties per year.
•New York City Department of Health & Mental Hygiene signed a 20-year lease in 2011 at the 662,000 square foot Two Gotham Center. Two Gotham Center is the first building in the proposed 3.5 million square foot Gotham Center. The DHMH has over 4,000 employees at this location.
•United Nations Federal Credit Union occupies a 17-story 275,000 square foot building, which was completed in 2006 and is adjacent to Two Court Square. There are over 350 employees at this location.
•Kaufman Astoria Studios and Silvercup Studios are two of the largest and most sophisticated film and television production centers on the east coast. Kaufman Studios and Silvercup Studios have grown extensively, representing a thriving film and television production presence in Queens, and have plans for significant expansions in the future.