Two-Tower Residential Site By Hunters Point Spanning 8 Acres Hits Market
An eight-acre plot of land at the southern edge of Long Island City has been put up for sale.
The site has zoning rights for four residential towers up to 400 feet tall, which would total 1.6M SF of development, the New York Post reports. The triangular plot of land, addressed at 55-01 Second Ave., sits on the north side of Newtown Creek, which divides Queens from Brooklyn.
The plot, owned by a private family, neighbors the massive Hunters Point South mixed-income development, which is in the middle of its TF Cornerstone-developed second phase and projected to contain 5,000 apartments when completed. The family has retained the Newmark Knight Frank team of Jimmy "King" Kuhn, Jennifer Schwartzman and David Noonan to market the property.
The market value of raw land in Long Island City is about $300 per SF, according to the Post, but the size and location of the site deflate its value somewhat. To qualify for any tax abatements, as much as a third of all units would be required to be affordable under the Affordable New York program, and labor laws require waterfront construction to use higher-paid workers.
The 326K SF site would also require considerable infrastructure and green space, and the buildable square footage would accommodate around 2,000 units of 500 to 700 SF, according to the Post's estimates. If the site sells for $200 per SF, the total price tag would be $320M.