$4,725,000
Updated 5 years ago
Sold

5-11 50th Ave

Long Island City, Queens | 5th Street & Vernon Blvd

16 Rooms8 Beds4 Baths6,100 Square FeetIncome Property

$4,725,000
floors / apts4 / 4
Lot Size25'x100'
Built Size25'x70'
ZoneR
Building TypeTownhouse
RE Taxes$40,376
Price Per SF
$775

This property was sold for $4,725,000 on 12/22/21.

Listing Features

  • WBFP
  • Through The Wall

Outdoor space and views

  • Garden
  • Terrace
  • Garden Views

Building Amenities

  • Voice Intercom
  • Elevator
  • Garage

Property Description for 5-11 50th Ave

Compass has been retained on an exclusive basis to arrange for the sale of 5-11 50th Avenue in Prime Long Island City -- a 6100 SF, condo-quality building consisting of 4-units with a two-car garage and numerous outdoor spaces. The property’s mixed-use zoning allows for first floor retail, a condo conversion with a quick turnaround, as well as numerous other opportunities. The building has a cell phone net-lease in place paying $3,210/month (3% escalations) that has multiple offers around $600K, allowing an owner to purchase in full and then lower their basis to ~$4.35M. With condos in the area selling for upwards of $1,250/SF and rents over $60/SF, 5-11 50th Ave has excellent potential as an income-based investment, as a condo conversion, or for an end-user, either as a residential single-family with parking, or for a commercial end-user as prime retail with residence(s) above. Please reach out for a setup, pro-forma, or for any questions. Co-brokers always welcome.

Listing History for 5-11 50th Ave

Now
12/22/2021
$4,725,000
Sold and Closed by Nathan Horne
Compass
09/10/2021
Contract Signed by Nathan Horne
Compass

Building Details for 5-11 50th Ave

OwnershipIncome Property
Building TypeTownhouse
Service LevelVoice Intercom
AgePost-War
AccessElevator
Year Built2004
Financing Allowed90%
Floors/Apts4/4
Learn More About the Building

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

Contact Agents

Contact Agents

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