42-77 Hunter Street
There is more activity on Hunter Street. Queens Beans Just reported about Rockrose’s excavation of 43-25 Hunter St.
Now, we bring you the final look of the unique condominium at 42-77 Hunter Street between 42nd Road and 43rd Avenue. The 25 foot by 100 ft plot of land was purchased by James Smithmeyer two years ago for abbot $92 per buildable square foot. In today’s market that would be a steal, with prices for land in the area having just crossed $300 per buildable square foot.
Mr. Smithmeyer and his father in-law Giacomo Bordone have worked on this project together and are now selling the condominium units via local Long Island City brokerage Modern Spaces for about $1000 per square foot. Amenities to be included are a gym, a common backyard, a furnished roof deck, and bike storage. The Queens Beans foot patrol provided a couple photos of Mr. Smithmeyer’s nearly completed project, called, The Madison LIC, which can be seen here. According to their website, fice of the six 575 square foot units are in contract.
Mr. Smithmeyer was not the only one to find a deal on Hunter Street. In May of this year, The New York Lions Group headed by Ramin and Albert Shirian closed on an identical parcel to Mr. Smithmeyers. Just up the block at 42-83 Hunter Street, The Shirians purchased an existing 2,500 square foot warehouse, which can be built up to five times its foot print for $1,875,000. While that may be a crazy number for the existing warehouse at $750 per square foot, that is only $150 per buildable square foot for the rights to build up. Queens Beans just reported on the New York Lions Group’s upcoming condominium project in Astoria on Broadway,which is now being excavated.
A source who spoke with Albert Shirian a few months ago said they plan on developing the Hunter Street plot as well, but no plans have been finalized yet. Queens Beans spoke with, Jonathan Eshaghian, Marcus and Millichap’s commercial expert in Long Island City, who said “Long Island City is on fire! With land prices now at $300 per buildable square foot and money still being cheap, developers who locked in land deals at below market prices are looking to cash in right away on their great investments while the market is still hot.” Queens Beans will bring you more on the Court Square development as well as updates on 42-83 Hunter Street.