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33-01 38 Avenue – SOLD!

Dutch Kills in Long Island City is on fire. Queens Beans just reported regarding the sale of 3714 34th Street and now the property at the corner on 38th Avenue, from 33rd to 34th street has closed.

33-01 38 Avenue, (photo by google maps) just sold for $14.5 million as was reported in a conversation with the seller Dr. Rozin. According to public record the property is currently a 25,816 square foot Office and Storage building. The building sits on a 195.5 foot by 108 foot lot, and allows for over 66,000 buildable square feet of R6A zoning. This works out to over $215 per buildable square foot if it were to be used for the residential use. A local broker brought the buyer and the buyer is yet unknown. Queens Beans, contacted the broker, Pinnacle Realty and spoke with Decio Baio, who confirmed a price tag of $14.4 million and that a developer bought it to convert to residential. There are current tenants who will have to be vacated.

As mentioned in an earlier post, the proximity to the subway and to the current activity on Northern Boulevard, the Dutch Kills region of Long Island City is the next frontier for developers, as Hunters Point South, Court Square and Queens Plaza are developed. Both of the recent sales are steps away from 33-00 Northern Boulevard, known as the Center Building, owned by Madison Marquette as well as the Standard Motors building. According to Madison Marquette website “The Center Building is a multi-tenant combination use office property with ground floor retail and light industrial…..Located directly on the M&R subway lines and minutes to Midtown Manhattan, the eight-story office building consists of approximately 444,606 rentable square feet situated on 1.44 acre-site.”

Many recall that the Standard Motors building sold this for $110 million to RXR Realty from Acumen Capital who bought the building in 2009 for $40 million.

Queens Beans has learned of another property near 33-01 38 Avenue in contract on 37th avenue a couple blocks from this sale for just over $200 per buildable square foot as well. Queens Beans will be following all stories for further updates.