Sales  ·  Commercial

School Construction Authority Acquires LIC Property From Stawski Partners for $50M

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The New York City School Construction Authority picked up a five-story office building near Queensboro Plaza in Long Island City for $50 million on Monday with plans to build a large elementary school there, according to public records and the Sunnyside Post.

The city agency announced plans last year to build a 547-seat elementary school at the site, 23-10 43rd Avenue,  according to the Sunnyside Post. The Court Square facility will serve children from kindergarten through fifth grade and include a cafeteria, gym, library, and music and art rooms.

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The new school will fill a need for more school seats in the fast-growing Court Square area of Long Island City. SCA plans to demolish the existing building, but has not yet filed new building or demolition applications.

The seller, Abraham “Axel” Stawski of Stawski Partners, is mostly known for owning and managing Midtown office properties. The block-long property extends from 23rd to 24th streets along 43rd Avenue and abuts the elevated 7 train tracks. Carmel Partners, a real estate investment firm based in San Francisco, paid Stawski $24 million last year for some of the property’s air rights, according to public records.

City records show that Stawski acquired the site in 1989 and then proceeded to renovate the existing building into a modern office property. Neither Stawski nor SCA immediately returned requests for comment.

PincusCo first reported the sale. It’s unclear who brokered the deal.

Rebecca Baird-Remba can be reached at rbairdremba@commercialobserver.com.