BY MADELINE NELSON
A new property in Long Island City is now available to developers for $19.5 million.
Modern Spaces Commercial & Investment Division is handling the sale or ground lease of 39-40 30th St., a corner property located in the Dutch Kills area of Long Island City. The property is listed for sale at $19.5 million or for long-term lease at $875,000 annually.
The lot has a 14,167-square-foot footprint, including more than 230 feet of corner frontage along 40th Avenue and 30th Street, and offers 70,835 buildable square feet available for mixed-use or residential development. There is an existing 20,000-square-foot commercial structure on site.
According to Modern Spaces, the lot is part of the Brownfield Cleanup Program, a state incentive program to encourage the redevelopment of sites with environmental problems. The property received its Certificate of Completion in 2017, declaring the site clean and offering substantial tax credits for a potential developer.
“A long-term ground lease offers a future developer an opportunity to join the robust development landscape of Long Island City without competing with increasing and record-breaking land prices,” said Evan Daniel, the executive vice president of Modern Spaces. “As part of the Brownfield Cleanup Program, the future development of the property comes with millions in tax credits, adding immense value to the overall project.”
Available tax credits for the site could total approximately $3.25 million, Modern Spaces noted.
The property is located two blocks north of Queens Plaza. It is also within walking distance of the 36th Street, 39th Avenue and Queens Plaza subway stations. Notable neighbors include Citibank, Metlife, Barclays, HSBC, JetBlue, Silvercup Studios, CUNY Law School, 20,000 newly developed housing units and over 1 million square feet of office space.
