Eastern Consolidated director Gabriel Saffioti believes investors will sit up and take notice of his latest exclusive.
Saffioti is selling a development site in booming Long Island City that was once the home of a metal chair manufacturer.
The site at 37-28 9th Street consists of a vacant, two-story factory building. Constructed in 1945, the lot size is approximately 10,000 square feet with 50,000 buildable square feet.
Saffioti sees its potential as a hotel. “The growth of Long Island City has resulted in an influx of capital seeking development, of hotel and commercial investments,” said Saffioti, who along with director Nicole Rabinowitsch exclusively represent the seller, The L Investors, LLC.
“Investors can take advantage of the property’s tremendous ground up development potential and prime location in Long Island City, as they have a great opportunity to expand and secure a presence in an area that is continuing to grow.”
In the past six years, 15 hotels have opened in LIC with another eight in planning and construction phases.
The Eastern Consolidated brokers have listed the site at $5.5 million. Said Rabinowitsch, “Previously known as an industrial area, residential and commercial growth has developed Long Island City into one of the most sought-after and vibrant neighborhoods, making this property extremely suitable for hotel development or even perhaps for an end-user.”