$20,000,000
Updated 11 years ago
Off Market

11-05 44th Drive

Long Island City, Queens | 11th Street & 21st Street

54,000 Square FeetIncome Property

$20,000,000
floors3
Lot Size200'x130'
Built Size200'x130'
ZoneM1-4
Building TypeLoft
RE Taxes$147,145
Price Per SF
$370

Building Amenities

  • Voice Intercom
  • Elevator

Property Description for 11-05 44th Drive

A block front loft building with approximately 54,000 square feet in the heart of Long Island City. Currently, there are short term NNN leases in place, but the property could be vacated and repositioned as a portion of about 36,000 SF could be converted to residential use. A split zoning of M1-4 and M1-4/R7A allow for approximately 8,600 square feet of additional air rights. Alternatively, the property would serve as a great long term investment with a 4.8% in place cap rate with under market rents. The property has a tremendous presence with 420' of frontage along 44th Drive, 11th Street and 44th Road. The prime corner location in an active portion of Long Island City makes this property excellent for an owner-user or investor looking to maximize rents through conversion and/or construction. Multiple mass transit options are available including six subway lines (7,E,G,M,N,Q) and many nearby bus lines.

Listing History for 11-05 44th Drive

Now
08/06/2014
POM by James P. Nelson
Cushman & Wakefield
06/05/2014
Contract Signed by James P. Nelson
Cushman & Wakefield

Building Details for 11-05 44th Drive

OwnershipIncome Property
Building TypeLoft
Service LevelVoice Intercom
AccessElevator
Year Built1931
Floors3
Learn More About the Building

Transit and Citi Bike

Subway

Court Sq-23 St
0.19 miles
Court Sq
0.24 miles
21 St
0.33 miles
Hunters Point Av
0.45 miles
Vernon Blvd-Jackson Av
0.48 miles

Railroad

Hunterspoint AvenueLong Island Rail Road
0.46 miles

Citi Bike

11 St & 44 Rd
0.03 miles
45 Rd & 11 St
0.12 miles

Ferry

Long Island City
0.44 miles

Contact Agent

Contact Agent

James Nelson
Cushman & Wakefield

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: 53128TH