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47-33 5th street – New Development – Video

47-33 5th Street

A four-story industrial building at 47-33 5th Street was sold for $12 million recently and could be turned into a residential development, the Queens Courier reported.

Eunhasu Corporation, a Elmhurst-based developer, purchased the property from Simon Blitz, who received nearly a $10 million profit from the sale.
Blitz had previously gotten approval from the city to transform the forming manufacturing building into a residential hub. The city records show that the property would become a six-story, 14-unit building.
The newest owners may adjust those plans, but nothing has been revealed yet. The building resides in the shadow of Long Island City’s high-rise buildings, and a few blocks from the waterfront and two blocks from Vernon Boulevard.
There’s a Duane Reade across the street, and local burgeoning brewer Rockaway Brewery is also its neighbor.
Blitz, the former owner, purchased the industrial building in 2003 for $2.25 million, city records showed.
Now, according to The Real Deal, Blitz poured his $10 million profit into the purchase of 74 Pearl Street, a five-story, 27,660-square foot mixed-used building in Manhattan’s financial district.


UPDATE – March 25th PD Properties just listed the property for $20,000,000 on their website