Since the huge development site at 22-12 Jackson Ave. in Long Island City was listed last year by Eastern Consolidated, many have anticipated an equally large sale and a big project to be announced.
That announcement came Monday as Adam America Real Estate closed on the site for $43.5 million and plans to develop a 186-unit luxury residential condo tower on the lot, Eastern Consolidated said. The property was originally asking for $53.5 million back in November.
Adam America plans to raze the property on the site, which has 33,900 square feet and is currently occupied by a taxi company, for the new tower.
Plans have yet to be filed with the Department of Buildings, but the new luxury development is planned to be 11 stories with 210,000 square feet, including 5,000 square feet of ground-floor retail. Architecture firm ODA will be designing the building and Issac & Stern Architects will be the architect of record.
“Adam America will deliver a new luxury condominium tower, which will be extremely well received by the market given its prime, central location and convenient access to multiple subway lines,” said Ronald Solarz, executive managing director at Eastern Consolidated. “Long Island City is one of New York’s most exciting, growth markets with incredible demand for additional residential product.”
The new luxury tower will feature various amenities, including a swimming pool, spa, residents lounge, bike storage, storage, a fitness center, children’s playroom, doorman, courtyard and 15,466 square feet of private parking.
The site is around a rapidly transforming section of Long Island City. Across from 22-12 Jackson Ave. is MoMA PS1 and adjacent to it at 22-22 Jackson Ave., construction on the ODA designed 182-unit, mixed-use apartment building is still ongoing.
Also down the block is the site of the former graffiti mecca 5Pointz, which is also being transformed into a huge 1.2-million-square-foot residential complex.
Nearby is One Court Square, which is reportedly on the market, and Tishman Speyer has announced plans to construct a 1,800-unit residential development on a vacant site in the area as well.
Solarz and Chris Matousek represented both the buyer and the seller, Diamond Service Corporation, in the deal.
RECOMMENDED STORIES
