The subject is an assemblage of seven tax lots boasting substantial development potential in the Court Square sub-district of Long Island City. The properties are located across the street from the Citi Building and 1/2 block off of Jackson Avenue in the heart of Long Island City.
A minimum of 10,000 square feet of land triggers a bonus within the C5-3 district allowing for an F.A.R. of 15.0 for mixed – use development. The Court Square Assemblage, with a total footprint of 11,145.2 square feet, has 167,178 as – of – right buildable square feet. An additional 20% F.A.R. bonus can be awarded through the addition of a pedestrian plaza. Possible uses include, but are not limited to residential, retail, office and hotel.
In addition to the seven tax lots, also offered for sale are the air rights over the properties at 24-23/33 Jackson Avenue. The lots (size totalling 7,063.64 square feet) are occupied by 13,000 square feet of existing structure, leaving 92,954.6 square feet of air rights available for purchase. A developer may cantilever an additional 8 stories over the existing structures (for a total of 10 stories) before setback rules apply.
|Type:||Development / Land / Conversion|