Quantcast
Former LIC baked goods warehouse fetches $14 million – QNS.com

Former LIC baked goods warehouse fetches $14 million

Photo courtesy of Kalmon Dolgin Affiliates and Scott Bintner/PropertyShark 

The site of a former baked goods warehouse is getting a fresh start.

The property, which includes two interconnected warehouses at 33-33 and 33-35 11th St. in Long Island City, was recently sold for $14 million by owners 33-11 Associates Partnership and Jacobson Realty Corp. Kalmon Dolgin Affiliates (KDA) represented the sellers in the deal.

Operative Cake, a baked goods wholesale business, used the property to warehouse its products before recently relocating to the Bronx.

JPRG Holdings, which bought the property, is hoping to find another tenant for the warehouse, but the site could be expanded for construction of a residential structure, a KDA representative said.

“The buyer, a local investor, currently plans to lease out the property as a warehouse, the same as prior to the sale,” said Grant Dolgin of KDA. “However, 33-33 and 33-55 11th St. also has the potential to be converted and developed into a rental or condominium building. It has 70,000 as-of-right buildable square feet for residential development.”

If it is eventually turned into a residential development, the site would be surrounded by local amenities that future tenants could take advantage of, such as Socrates Sculpture Park and the Noguchi Museum, and would provide easy access to transportation via the N and Q subway lines.

Operative Cake

RECOMMENDED STORIES 

More from Around New York