Adam America Pays $43.5M for LIC Site, Plans for Condo Tower
Terence Cullen June 29, 2015, 5:30 p.m.
A Long Island City lot currently housing a taxi company will be no more.
That’s because Adam America Real Estate has closed on the sale of 22-12 Jackson Avenue for $43.5 million, Eastern Consolidated announced today. The developer plans to mow down the existing offices and garages and build a luxury residential tower.
Adam America has the capacity to develop up to 169,500 square feet at the site bordered by Crane Street and Sunnyside Yards. But the final sales price is a step down from the $53.5 million ask for which the property had been listed.
Ronald Solarz and Chris Matousek of Eastern represented both the buyer and the seller, Diamond Service Corporation.
“Long Island City is one of New York’s most exciting, growth markets with incredible demand for additional residential product,” Mr. Solarz said in prepared remarks. “Adam America will deliver a new luxury condominium tower, which will be extremely well received by the market given its prime, central location and convenient access to multiple subway lines.”
The new apartment tower will be joining many similar buildings that have been popping up all over LIC. A 182-unit building developed by Jeff Gershon is being developed next door at 22-22 Jackson Avenue. Brause Realty is also developing a 270-unit tower half a mile away at 44-28 Purves Street, which broke ground in May.