June 24, 2020
Cushman & Wakefield has been retained by Time Equities, Inc. (TEI) to arrange the sale of 37-11, 37-19 23rd St. and 37-16 24th St., a block-through development site assemblage totaling 179,259 buildable square feet in Long Island City, Queens. A Cushman & Wakefield team led by Stephen R. Preuss with Andreas Efthymiou and Rani Bendary will represent the seller, 37-24th Street Equities, LLC, in all marketing efforts.
“Having purchased these sites almost 20 years ago, it has been remarkable to see the strength and evolution of the LIC market in general, and this location in particular,” said Francis Greenburger, chairman of TEI.
Along with the three tax parcels, the site in a federal Opportunity Zone incorporates and consolidates air rights from the Silks Building, the adjacent commercial loft office property that is also owned by TEI. Current zoning allows for office/commercial uses only, not residential/multifamily.
For comments, questions or concerns, please contact Paul Bubny