ZHL Group Buys Long Island City Development Site for $28M
By Isabelle Durso December 23, 2024 2:21 pm
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ZHL Group has arranged the sale of a development site in Long Island City, Queens, for $27.6 million, according to city records made public Friday.
The entity 44LIC Development SP, which has the same address as ZHL, bought the roughly 180,000-square-foot vacant site at 11-49 44th Drive from the White family, which used the entity White Family Limited Partnership, records show.
ZHL’s Yevgeniy Lvovskiy signed the deal for the buyer, while Carole White signed for the seller, according to records.
Lvovskiy said ZHL represented the owner, which is a group of investors including Terra Developers. White could not be reached for comment.
A proposal for a new building to take over the lot was already submitted by Jonathan White in November, according to PincusCo. That project, which has not been approved yet, calls for a 102-unit, 74,728-square-foot residential property, the outlet reported.
The White family, which owns coffee roaster White Coffee, had owned the Long Island City property since 1966, PincusCo reported. It’s unclear what ZHL’s exact plans are for the site.
The deal comes as more and more residential buildings are planned to go up in the Queens neighborhood.
That includes Montperia Group’s proposal for a 10-story, 33-unit apartment building at 42-76 Hunter Street, as well as ZD Jasper Realty’s potential housing project at 45-40 Vernon Boulevard.
Isabelle Durso can be reached at idurso@commercialobserver.com.
