Updated 11 years ago
Off Market
5-11 50th Ave
Long Island City, Queens | 5th Street & Vernon Blvd
5,783 Square FeetIncome Property
$2,800,000
floors / apts4 / 4
Lot Size25'x100'
Built Size25'x70'
ZoneR
Building TypeTownhouse
RE Taxes$1,476
Price Per SF
$484
Listing Features
- Through The Wall
Outdoor space and views
- Garden
Building Amenities
- Voice Intercom
- Elevator
- Garage
Property Description for 5-11 50th Ave
Magnificent newly constructed brick townhouse located in Hunters Point. It stands four stories high, 25 feet wide and offers approximately 6,800 square feet ofspectacular loft-like living space w/a private 400 square foot two car garage, which could be easily rented for $400 per month. This four-unit townhouse generates a net operating income of $167,981.00 per annum. The ground floor unit is a 1,100 square foot duplex with 10-foot ceilings and a 1,000 square foot private garden. The second & third floor units are 1,200 square feet and are 2 bedroom/ 1bath. They have 10-ft ceilings and three 4x7 windows facing south in the livingroom. The fourth floor is a 900 square foot 2 bedroom/ 1 bath and offers 11-ft ceilings with a private 350 square foot terrace overlooking the city. Each unit is finished with bamboo wood flooring, gas fireplace, GE profile appliances, openkitchens, washer/dryers, and individual water heaters. The roof generates $25,200 per annum with AT&T antennas. Zoned at M1-4/R6B (2FAR), which allows for mixed-use on the ground floor. This building also has a 15-year tax abatement, whichreduced the taxes to $1,482.00 annually. This is an excellent opportunity for acondo conversion.Roof : 1bd duplex with garden $3150s each year
Building Details for 5-11 50th Ave
OwnershipIncome Property
Building TypeTownhouse
Service LevelVoice Intercom
AgePost-War
AccessElevator
Year Built2004
Financing Allowed90%
Floors/Apts4/4
Transit and Citi Bike
Subway
Vernon Blvd-Jackson Av
0.13 miles
21 St
0.33 miles
Hunters Point Av
0.38 miles
Railroad
Long Island CityLong Island Rail Road
0.16 miles
Hunterspoint AvenueLong Island Rail Road
0.48 miles
Citi Bike
5 St & 51 Ave
0.07 miles
48 Ave & 5 St
0.08 miles
Ferry
Hunters Point South
0.3 miles
Long Island City
0.37 miles
Long Island City | Queens
Quick Profile
Long Island City, the name does sound a little far away, like it requires a lengthy drive to get to. Think, again. Long Island City, also known as LIC, is nestled in the western corner of Queens along the East River. Midtown Manhattan is closer to Long Island City than it is to downtown Manhattan.
LIC is bordered by Sunnyside to the east, the East River to the west, Astoria to the north, and Newton Creek which separates Queens from Greenpoint Brooklyn to the south.
A once-shabby manufacturing epicenter, the neighborhood is a mix of industrial, commercial and residential. In recent years it’s seen a rise in some seriously cool factors. Populated by young professionals, multi-ethnic immigrants, and hipsters, LIC has a happening nightlife scene, fantastic restaurants (some of them Michelin starred), art museums and galleries. Much of the waterfront access has been redeveloped into sustainable public green spaces with modern design.
Although much of the industrial / manufacturing companies have since left LIC, many still reside there. They tend to co-exist with new residential building development the same way they do in other neighborhoods like Williamsburg and Greenpoint.
Office building developers and business tenants play a vital role in LIC too. It’s considered New York City’s fourth central business district next to Midtown, downtown Manhattan and downtown Brooklyn.
As you traverse the streets of LIC, you’ll notice the change from block to block. Industrial warehouses on one block, a bustling Main Street, followed by a park block with sleek luxury high-rise buildings. It’s all part of the LIC vibe.
For a small neighborhood, the transportation links are excellent. For starters, you just can’t beat living one subway stop from Manhattan (7 train). Other train lines include E, M, R, N, Q, and the G lines. There are also less conventional methods of transportation like the NYC Ferry, which offers three ferry landings. There is no shortage of CitiBike’s in LIC either. Many folks commute to work by way of cycling over the Queensboro Bridge.
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer.
OLR ID: 22404TH
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