Eastern Consolidated has been retained as the exclusive agent to market a residential development site at 22-12 Jackson Avenue in Long Island City, Queens for $53.5 million.
Zoned for 169,500 s/f of residential development, the property at 22-12 Jackson Avenue is ideally situated across from MoMA PS1, down the street from the 1,200,000 s/f development at 5Pointz, and adjacent to the new 182-unit, mixed-use apartment building designed by ODA and developed by Jeff Gershon.
The existing 33,900 s/f lot at 22-12 Jackson Avenue is currently occupied by a taxi company.
“This offering is a tremendous investment opportunity and aligns with the immediate growth pattern of Long Island City’s transformation,” said Ronald A. Solarz, Principal and Executive Managing Director at Eastern Consolidated who, along with Chris Matousek, Director, Financial Services, exclusively represents the seller, Diamond Service Corporation.
The property at 22-12 Jackson Avenue is located on the south side of Jackson Avenue between 21st Street and Crane Street, and in close proximity both to Citigroup’s 1.5 million-square-foot office tower and the recently announced 1,800-unit residential development from Tishman Speyer and H&R REIT. Long Island City is less than a ten minute subway ride to Manhattan and Grand Central Station, and easily-accessible via the No. 7, E, F, G, M, N, Q, and R lines.