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SOLD! 29-16 40th Ave, Queens, NY 11101

A two-story warehouse located at 29-16 40th Avenue in Long Island City, New York for the owner prior owner Elias Nassim. The lot dimensions are 50 by 119 feet for a lot of 5,750 square feet. The building is 9,449 square feet and will most likely be torn down for a new development.

The property is zoned, (M1-3/R7X, FAR 5), which allows a commercial or residential build out of 28,750 buildable square feet. The sale price of $7,080,000 equates to $246 per buildable square foot.

26-16 40th ave google

26-16 40th ave, Courtesy Google Maps

29-16 map

Courtesy Google maps

 

 

 

 

Located in the Dutch Kills section of Long Island City, the site, which will most likely be a new development is close to Northern Boulevard, where Shibber Khan just purchased a $40 million site. Next door is a new 11-story, 76 room hotel, which is in progress and up the block from there is the Verve Hotel, which is in contract to be sold for $20 million. Recently QueensBeans.com reported on the former home of Scandals, which was sold for $300 per buildable square foot and as all the Queens Plaza sites are bought and developed, the sections of Dutch Kills that are zoned for residential use are poised to see an increase in prices and new developments.

QueensBeans.com could not reach the seller and other sources confirmed that Marcus and Millichap brokered the deal. Jonathan Eshaghian, who is with Marcus and Millichap and brokers sales in Astoria and Long Island City investments, confirmed sale price, but was not directly involved with the transaction. QueensBeans.com will update the progress at this site and any future developments.