The industrial building at 47-33 5th St., is zoned for residential development, and the previous owner had approved plans with the Buildings Department to convert the building from a manufacturing use.
Under the previous owner’s plans, the building would become a six-story residential structure with 14 units, according to filings, and Brooklyn-based architecture firm Thread Collective was designing the property. Now that the building has been sold, it’s fair to say those plans could see some adjustment.
The seller, 47-33 5th Street Corp., turned a nearly $10 million profit off the building after purchasing it in 2003 for $2.25 million, according to city records.
Eunhasu Corp has been active on the selling side of the market as well. In October last year, the Elmhurst company sold a warehouse in LIC to GDC Properties for $37 million.
GDC Properties is demolishing that warehouse and hopes to construct townhouses on the property.