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Four-story LIC building near waterfront sells for $12 million

Eunhasu Corp building
Photo courtesy of Scott Bintner/PropertyShark

Elmhurst-based Eunhasu Corporation bought a four-story building in Long Island City near the waterfront for $12 million, according to city property records filed on Friday.

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.

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