NEW YORK, NY -Brookfield Financial Real Estate Group New York has been retained as the exclusive sales agent for 27-21 44th Drive in the Court Square area of Long Island City, Queens, comprised of three adjoining lots zoned R9/M1-5/LIC for as of right residential use. The current asking price for the property is $23.5 million.
The Brookfield Financial brokerage team of Eric Anton and Ron Solarz with Eric Weinberg are spearheading the sales effort. Over the past decade, this team has sold many marquee sites around the city and has become especially active in Queens and Brooklyn due to increased demand and values.
The site, located mid-block between 44th Drive and Purves Street, a hot spot for recent residential development, offers approximately 114,400 square feet of zoning floor area.
The Court Square area of Long Island City has become a vibrant, rejuvenated neighborhood since the boom in residential and commercial development spurred by a 2001 re-zoning initiative. The area has experienced an explosion of new residential development in recent years, with nine finished or planned projects within a one block radius of the 27-21 44th Drive site, including five on Purves Street alone. Demand for new residential product in the area remains strong, with rapidly increasing rental and condo pricing and a 96 percent sales rate on available condo units in the market, according to Brookfield Financial.
With abundant transportation options, including 12 bus lines, eight subway lines, the Long Island railroad, five bridges and tunnel and numerous bike lanes, Long Island City is just 10 minutes from Midtown Manhattan and offers abundant public transportation options to LaGuardia and Kennedy airports.
Since the massive re-zoning in 2001, Long Island City has been transformed from a former industrial neighborhood to a vibrant, round-the-clock community featuring hip restaurants, bars, markets and over a dozen arts and cultural institutions. The area is also home to hundreds of artist studios, galleries and theaters.
Ron Solarz, Managing Partner of Brookfield Financial, said “This is a great opportunity for a developer to profit from the amazing Court Square location within Long Island City. Developers have seen the tremendous success of recent projects in the area and we are confident this site will be met with significant demand.”