The city is, for the first time, offering a new deal to developers of affordable housing: free air rights. The Economic Development Corporation has issued request for proposals that makes developers a novel pitch: development rights, at no cost, in exchange for a “permanently affordable housing program that maximizes both the number of housing units and the level of affordability,” according to the EDC.
The air rights on the table are for three city-owned parcels beneath the Queensboro Bridge in Long Island City. Because of bridge ramps, the sites themselves are not available for development.
A vacant seven-story building at 37-19 Crescent Street was purchased by Tuck-It-Away for $6.1 million, where the storage company will run its first Queens facility, The Commercial Observer has learned.
Located between 37th and 38th avenues and just 5 blocks north of the Queensboro Bridge in Long Island city, the 47,000–square-foot, seven-story building, which sits on an 83’ by 105’ lot, will be well-positioned as a storage facility in a neighborhood experiencing significant residential and commercial real estate growth.
“It was a deal where the needs of the buyer and seller aligned perfectly,” said Alan Shmaruk of Soho-based The Manhattes Group, who represented the buyer and seller along with Michael Sherman. “Long Island City is developing at such a fast rate, so there’s a need for storage facilities to support the additional residential product that’s coming into the neighborhood.”