Massey Knakal Sells Loft Building In Long Island City
A loft building at 11-05 44th Drive, located on the corner of 11th Street and 44th Drive in the Long Island City neighborhood of Queens, was sold in an all-cash transaction valued at $17,100,000.
This block-front building contains approximately 54,000 square feet and sits on a 200’ x 130’ lot. About half the lot area sits within the portion of the property that is zoned M1-4/R7A, which could yield approximately 36,000 square feet for residential use. With approximately 18,000 square feet currently constructed on this portion, the building, when divided, could hold approximately 18,000 square feet of air rights. Alternatively, the property could serve as a great long-term investment. This property has a tremendous presence with approximately 420 feet of frontage along 44th Drive, 11th Street, and 44th Road. The sale price equates to approximately $317 per square foot.
The prime corner location is in an active portion of Long Island City with six subway lines and multiple bus lines nearby.
“As land values have doubled, or in some cases tripled in Long Island City over the last two years, this property offers a tremendous conversion opportunity, with big box retail potential, in one of the hottest neighborhoods in New York City,” said Massey Knakal’s Evan J. Daniel, who exclusively handled this transaction with James Nelson. The property was purchased by the Gural family. “While this is our first real estate acquisition outside of Manhattan in seven years, we are actively pursuing several other deals and look forward to being part of the future growth in Brooklyn and Queens. Long Island City is a thriving area of the city where we see significant future growth,” stated Brian Steinwurtzel of Newmark Grubb Knight Frank who oversees the Gural family business with Eric Gural.
Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,700 transactions having a market value in excess of $19 billion.