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Retail

SK Development selling LIC retail

JLL Capital Markets has been selected by SK Development to market 14,732 square feet of flagship retail located at the base of the Dieguez Fridman-designed Corte Condominiums at 21-30 44th Drive in Long Island City, N.Y.

The space is being offered for $17.75 million and is comprised of two retail condominiums divided into four separate retail units that share 170 feet of frontage along 44th Drive.

Brendan Maddigan and Stephen Palmese, Vice Chairmen; Winfield Clifford, Michael Mazzara and Ethan Stanton, Managing Directors; and Michael Lipman, Associate, all with JLL, will market the retail space at 21-30 44th Drive. Jonathan Schwartz, Vice Chairman, also with JLL, will handle the financing.

“Court Square is uniquely positioned as one of New York City’s premier live/work/play areas, and offers easy access to Manhattan,” said Palmese. “The new shops along 44th Drive provide service oriented-retail that is needed in the area and that is sought after by investors.”

The two retail condominiums are divided into four separate commercial spaces, three of which are currently leased to prominent tenants that include Club Pilates, Row House, and Bright Start Child Learning Center; the fourth commercial space will be delivered vacant upon sale. The retail also benefits from more than 170 feet of frontage along the 44th Drive corridor, a street drawing increasing foot traffic from multiple new developments coming online near Court Square, which is slated to add more than 5,000 residential units during the next three years.

Long Island City’s population has increased 9.4 percent from 2010 to 2015 and is projected to grow 6.7 percent from 2015 to 2020. Court Square is positioned as one of New York City’s premier live/work/play areas and offers easy access to Manhattan.

Long Island City is one of the fastest growing and most-actively developing districts in the county with at least 270,000 s/f of retail planned to meet the demand from workers, residents and visitors.   

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