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11-05 44th Drive

11-05 44th Drive, Long Island City
Description

A block-front loft building with approximately 54,000 square feet in the heart of Long Island City. Currently, a short-term NNN lease is in place, but the building could soon be vacated. About half the lot area sits within the portion of the property that is zoned M1-4/R7A, which could yield about 36,000 SF for residential use. With 18,000 square feet currently constructed on this portion, the building, when divided, could have about 18,000 square feet of air rights. Alternatively, the property could serve as a great long term investment yielding a 4.8% cap rate currently with under market rents. The property has a tremendous presence with 420′ of frontage along 44th Drive, 11th Street and 44th Road. The prime corner location in an active portion of Long Island City makes this property excellent for an owner-user or investor looking to maximize rents through conversion and/or construction. Multiple mass transit options are available including six subway lines and many nearby bus lines.

Listing Highlights
Price:$17,100,000
Type:Commercial / Office
Pets:No Pets
Status:Closed
ID:62687
Agents