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Multi-lot Court Square development site hits the market for $41.5M – QNS.com

Multi-lot Court Square development site hits the market for $41.5M

Photos courtesy of Modern Spaces

A seven-lot portfolio near the heart of the hot Court Square area in Long Island City is asking for $41.5 million, and will probably get that much or more soon.

A collection of six landlords are selling the two- and three-story townhouse buildings on the parcels, which are being marketing by Modern Spaces and The Corcoran Group.

The landlords combined the properties to maximize buildable rights. Together the site has about 11,145 square feet, and offers 167,000 buildable square feet, The Real Deal reported.

The portfolio of properties has only been on the market for three days and there have been offers around the asking price, said Evan Daniel, vice president at Modern Spaces. Three of the buildings are located on 45th Avenue at 23-10, 23-14, and 23-16. The remaining properties are at 45-03, 45-05, 45-07 and 45-09 23rd St.

The size and zoning of the site allows for many possible uses, and Daniel believes it could be great for a mixed-use structure.

“I think retail hasn’t really come yet to this area, but we all know it will come here. I think it would be good for this project,” Daniel said. “You can have a tremendous mixed-use project here with residential, office and retail.”

Because it is located across from One Court Square, also known as the Citibank Building, and near the mix of Court Square subway transit options, the location will be attractive to developers.

“One thing we know about this project is that location is second to none,” Daniel said.

23rd Street Properties
23rd Street properties

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