The Zipper Building in Long Island City is currently on the market, according to a tri-state area real estate brokerage.
Located at 47-16 Austell Pl., the four-story, 51,200-square-foot property was built in 1992 and was renovated in 2018 with restored interiors, new elevators, mechanical systems, façade, common pantry, shared conference area and rooftop terrace and new windows, according to RIPCO Real Estate.
Commercial Observer reported in 2016 that the building was being converted from a factory space into a mixed-use building with residences, studios and office spaces.
The company, which is overseeing the property’s sale, said that the capital expenditures put into the loft office building exceed $8.5 million.
“47-16 Austell Ave. offers investors the opportunity to own a building with a 15-year ICAP abatement in place which commenced in the ’20-’21 tax year. The building is ideally located in the growing creative district also known as the Factory District of Long Island City, which is home to a variety of mixed-use properties specifically in the arts and culture industries,” said Stephen R. Preuss, chairman at RIPCO.
Several businesses currently have a tenancy at The Zipper Building including Joffrey Ballet School, Dr. Smood and Metro Vein Centers. The building is located near the 7 train subway station and the Long Island Rail Road at Hunters Point Avenue.