Time Equities is looking to sell a nearly 200,000 s/f development site that’s been in its portfolio for nearly two decades.
The company has tapped Stephen Preuss and his team at Cushman and Wakefield to sell 37-11, 37-19 23rd Street and 37-16 24th Street, a block-through assemblage totaling 179,259 buildable square feet in Long Island City, Queens.
The site is expected to fetch upwards of $30 million.
“With approximately180,000 buildable square feet, the site will support a tower with a height in excess of 25 stories – and as such, it will offer intimate floor plates and unobstructed views of the Manhattan skyline,” said Francis Greenburger, chairman of TEI.
“Having purchased these sites almost 20 years ago, it has been remarkable to see the strength and evolution of the LIC market in general, and this location in particular.”
In addition to the three tax parcels, the opportunity incorporates and consolidates transferable development rights (air rights) from the Silks Building, the adjacent commercial loft office property, also owned by TEI. Zoning for the site allows for office/commercial uses only, not residential/multi-family.
A Cushman & Wakefield team led by Preuss with Andreas Efthymiou and Rani Bendary has begun marketing the site.
“This LIC assemblage presents a truly unique large-scale commercial development opportunity,” said Preuss. “The low supply and high demand in LIC for high-tech and new boutique office space, coupled with the recent trend of companies on the lookout for larger office space outside of Manhattan to accommodate employees, makes this the ideal opportunity to fulfil those requirements.
“The site is the perfect canvas for a multi-tenant tower with the likelihood of individual tenant full-floors or for a single tenant user/corporate headquarters.”
The site is located within a federal Opportunity Zone and is eligible for various NYC financial incentives for both landlords and tenants.
Preliminary zoning studies outline a 25-story+ boutique office tower with views of New York City and Roosevelt Island (rendering top).