45-34 Pearson Street - Agorafy
RESIDENTIAL DEVELOPMENT SITE
WITH A PP ROVE D P LA NS TO B E GIN CONS TRUC TION FOR 1 5,427 GS F
45-34 Pearson Street Long I s l and C i ty, Q ueens , NY Rendering
L ocatio n :
On the Northwestern side of Pearson Street between Jackson Avenue and the Sunnyside Rail Yards
Block / Lo t :
85 / 50
L ot Dim e n s io n s:
25’ x 100’
(Approx.)
L ot Size :
2,500 SF
(Approx.)
Zoning :
M1-5/R7-3
Approv e d Pla n s* :
15,427 SF
Assess m e n t (1 4 /1 5 ):
$54,576
Taxes (1 4 /1 5 ):
$5,634
JACKSON AVE
(Approx.)
* Including Below Grade SF and Mechanical Allowances
DAVIS STREET
25’
Qu e Brei nsb dge oro
PEARSON STREET
100’
ASKING PRICE:
$3, 500, 000 SUNNYSIDE RAIL YARD
Property Description: The subject property is a residential development site located in the Court Square area of Long Island City on the southwestern side of Pearson Street between Jackson Avenue and the Sunnyside Rail Yards. Ownership has approved plans to begin construction with an active work permit of an eight story, 16 unit residential building totaling approximately 15,427 gross square feet (including below grade square feet and mechanical allowances). All of the units feature outdoor balconies (except for one on the first floor) with the upper floors having views of the New York City skyline. The property benefits from the recent rezoning designated as the Queens Plaza sub-district. This rezoning was created to propel a high density, pedestrian-oriented, 24-hour urban center given its excellent subway access, and close proximity to Manhattan. The subject is located on the same block as the Court Square and subway stops. It is also less than a five minute drive to the entrance of the Queensboro Bridge and the Queens Midtown Tunnel.
This neighborhood has undergone a recent renaissance as both residential and commercial developers have taken a strong foothold into the area. New construction rental properties are achieving in the mid $60 psf and condominium sellouts are now north of $1,000 psf. Major financial institutions have moved into the area as well. Most notably, was the completion of Citigroup’s 1.2M square foot office tower, Silvercup Studios development of two 50 story mixed-use towers and Rockrose’s new residential buildings which include the LINC LIC and 43-25 Hunter Street. In addition, Pearson Court Sq, is a newly completed luxury rental building located on the same block as the subject. This building is currently renting units over $60 psf with studios starting at $2,340 per month. It is evident that the rapid new construction occurring on and within blocks of the subject make this the most exciting submarket within Queens today. This is a truly unique opportunity to acquire a sizable site that is approved to begin construction located in heart of Long Island City.
For information on possible financing, please contact:
For further information or inspection, please contact Exclusive Agents:
Robert Knakal
Chairman [email protected] 212.696.2500 x7777
David Chkheidze
Director of Sales [email protected] 718.512.2620
Jonathan Hageman
Sales Team Manager [email protected] 212.696.2500 x7773
Elysa Berlin
Conrad Martin
Director of Sales Associate [email protected] [email protected] 212.696.2500 x7764 718.512.2625
Preston Flammang
Director - Capital Services [email protected] 212.696.2500 x7736
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.
118-35 Queens Boulevard • 14th Floor • Forest Hills, NY 11375 • 718.275.3400 • Fax 718.275.5478 www.masseyknakal.com THE BRONX BROOKLYN MANHATTAN NASSAU NEW JERSEY QUEENS STATEN ISLAND WESTCHESTER
WITH A PP ROVE D P LA NS TO B E GIN CONS TRUC TION FOR 1 5,427 GS F
45-34 Pearson Street Long I s l and C i ty, Q ueens , NY Rendering
L ocatio n :
On the Northwestern side of Pearson Street between Jackson Avenue and the Sunnyside Rail Yards
Block / Lo t :
85 / 50
L ot Dim e n s io n s:
25’ x 100’
(Approx.)
L ot Size :
2,500 SF
(Approx.)
Zoning :
M1-5/R7-3
Approv e d Pla n s* :
15,427 SF
Assess m e n t (1 4 /1 5 ):
$54,576
Taxes (1 4 /1 5 ):
$5,634
JACKSON AVE
(Approx.)
* Including Below Grade SF and Mechanical Allowances
DAVIS STREET
25’
Qu e Brei nsb dge oro
PEARSON STREET
100’
ASKING PRICE:
$3, 500, 000 SUNNYSIDE RAIL YARD
Property Description: The subject property is a residential development site located in the Court Square area of Long Island City on the southwestern side of Pearson Street between Jackson Avenue and the Sunnyside Rail Yards. Ownership has approved plans to begin construction with an active work permit of an eight story, 16 unit residential building totaling approximately 15,427 gross square feet (including below grade square feet and mechanical allowances). All of the units feature outdoor balconies (except for one on the first floor) with the upper floors having views of the New York City skyline. The property benefits from the recent rezoning designated as the Queens Plaza sub-district. This rezoning was created to propel a high density, pedestrian-oriented, 24-hour urban center given its excellent subway access, and close proximity to Manhattan. The subject is located on the same block as the Court Square and subway stops. It is also less than a five minute drive to the entrance of the Queensboro Bridge and the Queens Midtown Tunnel.
This neighborhood has undergone a recent renaissance as both residential and commercial developers have taken a strong foothold into the area. New construction rental properties are achieving in the mid $60 psf and condominium sellouts are now north of $1,000 psf. Major financial institutions have moved into the area as well. Most notably, was the completion of Citigroup’s 1.2M square foot office tower, Silvercup Studios development of two 50 story mixed-use towers and Rockrose’s new residential buildings which include the LINC LIC and 43-25 Hunter Street. In addition, Pearson Court Sq, is a newly completed luxury rental building located on the same block as the subject. This building is currently renting units over $60 psf with studios starting at $2,340 per month. It is evident that the rapid new construction occurring on and within blocks of the subject make this the most exciting submarket within Queens today. This is a truly unique opportunity to acquire a sizable site that is approved to begin construction located in heart of Long Island City.
For information on possible financing, please contact:
For further information or inspection, please contact Exclusive Agents:
Robert Knakal
Chairman [email protected] 212.696.2500 x7777
David Chkheidze
Director of Sales [email protected] 718.512.2620
Jonathan Hageman
Sales Team Manager [email protected] 212.696.2500 x7773
Elysa Berlin
Conrad Martin
Director of Sales Associate [email protected] [email protected] 212.696.2500 x7764 718.512.2625
Preston Flammang
Director - Capital Services [email protected] 212.696.2500 x7736
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.
118-35 Queens Boulevard • 14th Floor • Forest Hills, NY 11375 • 718.275.3400 • Fax 718.275.5478 www.masseyknakal.com THE BRONX BROOKLYN MANHATTAN NASSAU NEW JERSEY QUEENS STATEN ISLAND WESTCHESTER
