QUEENS REAL ESTATE NEWS

SPILLING THE BEANS ON QUEENS REAL ESTATE

SOLD! 24-01 Queens Plaza North, Queens, NY 11101

The property that was once home to the Scandals Gentlemen’s Club in Long Island City has traded hands to a local developer. The Ciampa Organization has closed on the property at 24-01 Queens Plaza North, which is likely to be another residential development in the vast Ciampa portfolio. The property sold for $16,484,00 according to public record, and is a 6,900 square foot lot with M1-5/R9/LIC zoning that allows for 55,200 square feet to build on for either commercial or residential use.

With the purchase of this lot the Ciampa organization has completed almost an entire ownership of the block on 24th Street between Queens Plaza North and 41st Avenue. They own the adjacent lot to 24-01, as well as three other lots now being developed into a another Ciampa Packard Square building named Packard Square West. Ciampa, already owns the residential building up the block, No. 3 at Packard Square, 41-21 24th Street, Long Island City, as well as the other Packard Square buildings on Crescent St that they built on the other side of the block. Only one small office building at 41-41 24 St stands in the way of their complete monopoly of the 24th street block.

24-01 Queens Plaza North, was confirmed as sold by the prior owners for a sale price of $16 million with the additional $484,000 for transfer taxes and broker fees. At $16,484,000, this puts the purchase at just shy of $300 per buildable square foot at $298.62 per buildable square foot. This is still a high number for the area and values seem to keep rising as Queens Plaza becomes the next frontier for high rises in Long Island City since there are limited development sites remaining in the neighborhood. The new QLIC Building up the block is set to open soon and is currently open for leasing. Stay tuned as QueensBeans.com updates the progress.

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Scandals at 24-01 Queens Plaza North

packard square west

Packard Square West – Rendering