Cushman & Wakefield Retained to Arrange Joint Venture for Residential Development Site
Cushman & Wakefield has been retained to bring to market a joint venture opportunity with the Evangel Church in Long Island City to use available air rights for a residential development site. The property is located at 39-21 Crescent Street between 39th and 40th Avenues in the Dutch Kills neighborhood of Long Island City.
The Evangel Church will continue to serve the community in this location. It is only seeking a joint venture opportunity that would enhance the church and its school and ensure operations for future.
The neighborhood is one of the most appealing for residential developers, and this offering presents an incredible opportunity for any group interested in developing in the area. Construction of the development will take place next to the existing sanctuary and the four-story school building on Crescent Avenue. The property’s location offers close proximity to the subway providing easy access to Manhattan as well as a growing number of local amenities.
“With new development projects emerging in the area at an incredible rate this site offers a fantastic JV opportunity for a developer to partner with the Evangel Church and together make their mark in the heart of Long Island City,” stated Cushman & Wakefield’s David Chkheidze, who is exclusively marketing this property with Brendan Maddigan. “Long Island City is one of the city’s most exciting neighborhoods and the access to transportation makes this a very appealing site,” Mr. Maddigan added.