LIC Warehouse Sells for $6.5M
Eastern Consolidated has arranged the sale of the 18,000-square-foot industrial warehouse at 37-10 Crescent Street in Long Island City, Queens, Commercial Observer has learned.
Ranger Properties partnered with Sagamore Crescent LLC to buy to the property from GMS Seashore Investments LLC for $6.5 million, according to property records.
The site is zoned for residential, hotel and light industrial use and the buyer plans to build a residential development on the site, according to Peter Carillo, a senior director at Eastern Consolidated, who represented the seller and procured the buyer alongside Director Chad Sinsheimer.
“The area is changing dramatically and it seems like every block has a new development on it,” he said. “Residential demand is very high.”
Depending on the building’s design, the site can accommodate between seven and nine floors of development, according to Mr. Carillo. The developer could expect to command residential rents in the $40 to $50 per square foot range, he noted.
The one-story warehouse on the site is leased to a limousine company until May of next year. The lease includes a five-year renewal option and a demolition clause which may be exercised with six month’s notice.