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11-11 44th Rd 15,200 SF Office Building Long Island City, NY 11101 $12,000,000 ($789.47/SF) 5.65% Cap Rate
Investment Highlights
- This property is situated in Long Island City's Hunters Point, two blocks to the East River waterfront, Parks and boardwalks
- The spacious open lofts can be easily divided or combined with adjacent units, allowing for flexible design options and the creation of larger spaces
- Possible residential mixed-use conversion for live work
- OneLIC rezoning to a M1-4A 5.0 F.A.R. with an additional 22,300 SF. Total building 37,500SF. 6.5 F.A.R. w/ community Facility for total of 48,750SF
- Significant growth potential.
Executive Summary
Your Space New York has been retained on an exclusive basis to arrange the sale of 11-11 44th Road
Location, location, location! Amazing Investment Opportunity | 11-11 44th Road, Long Island City Existing with a build. 5.65% capitalization rate at asking plus 22,300SF of additional air rights
**The new M1-4A designation allows for (JLWQA).
** 11-11 44th Road in Long Island City, located within an M1-4 light manufacturing district, generally prohibits new residential development but allows for Joint Living-Work Quarters for Artists (JLWQA). These units allow certified artists to live and work in the same space, typically requiring a minimum of 600 or 1,200 square
** Artist Live/Work: The "A" in M1-4A generally refers to updated zoning to facilitate Joint Living-Work Quarters for Artists.
** Based on the Long Island City Neighborhood Plan, the proposed zoning changes, including M1-4A, aim to support arts and manufacturing by allowing new, flexible uses. The M1-4A district, alongside others like M1-5A, is intended to expand opportunities in the area, specifically allowing for artist workspace and, under certain conditions, live-work scenarios.
Consistently occupied, value-add property located in the heart of Hunters Point, Long Island City, just two blocks from the East River waterfront. Ind Tax abatement
Originally developed from the ground up to accommodate future expansion and benefits from new zoning (M1-4A) allowing a 5.0 FAR, and 6.5 community facility (CF), creating a compelling redevelopment or expansion opportunity. The zoning permits an additional 22,300 buildable square feet of mixed-use space, bringing the total potential Building size area to approximately 37,500 square feet. CF 48,750 square feet. This would more than double the current NOI, Air rights can be use now or sold now or held for the future for a higher price per square foot as well.
The property is ideally positioned amid one of New York City’s fastest-growing neighborhoods and will be surrounded by approximately 14,700 rent-able SF and newly developed residential units, driving long-term demand and appreciation. Its proximity to the future waterfront boardwalks and parks further enhances its appeal and future growth potential.
The building features high ceilings, expansive extra-large windows, and open loft-style layouts that provide abundant natural light. Units can be easily divided or combined, offering flexible design configurations and the ability to create larger floor plans. These characteristics have contributed to the building’s exceptionally low vacancy rate and strong tenant demand.
In addition to its added F.A.R upside, the property is also well-suited for an owner-user. With stable in-place income, flexible layouts, and significant future upside, 11-11 44th Road represents a compelling investment opportunity in a rapidly evolving, rezoned sub-market of Queens Long Island City, Hunters Point
Contact Exclusive Broker for setup
Your Space New York
Craig Stulberger
Location, location, location! Amazing Investment Opportunity | 11-11 44th Road, Long Island City Existing with a build. 5.65% capitalization rate at asking plus 22,300SF of additional air rights
**The new M1-4A designation allows for (JLWQA).
** 11-11 44th Road in Long Island City, located within an M1-4 light manufacturing district, generally prohibits new residential development but allows for Joint Living-Work Quarters for Artists (JLWQA). These units allow certified artists to live and work in the same space, typically requiring a minimum of 600 or 1,200 square
** Artist Live/Work: The "A" in M1-4A generally refers to updated zoning to facilitate Joint Living-Work Quarters for Artists.
** Based on the Long Island City Neighborhood Plan, the proposed zoning changes, including M1-4A, aim to support arts and manufacturing by allowing new, flexible uses. The M1-4A district, alongside others like M1-5A, is intended to expand opportunities in the area, specifically allowing for artist workspace and, under certain conditions, live-work scenarios.
Consistently occupied, value-add property located in the heart of Hunters Point, Long Island City, just two blocks from the East River waterfront. Ind Tax abatement
Originally developed from the ground up to accommodate future expansion and benefits from new zoning (M1-4A) allowing a 5.0 FAR, and 6.5 community facility (CF), creating a compelling redevelopment or expansion opportunity. The zoning permits an additional 22,300 buildable square feet of mixed-use space, bringing the total potential Building size area to approximately 37,500 square feet. CF 48,750 square feet. This would more than double the current NOI, Air rights can be use now or sold now or held for the future for a higher price per square foot as well.
The property is ideally positioned amid one of New York City’s fastest-growing neighborhoods and will be surrounded by approximately 14,700 rent-able SF and newly developed residential units, driving long-term demand and appreciation. Its proximity to the future waterfront boardwalks and parks further enhances its appeal and future growth potential.
The building features high ceilings, expansive extra-large windows, and open loft-style layouts that provide abundant natural light. Units can be easily divided or combined, offering flexible design configurations and the ability to create larger floor plans. These characteristics have contributed to the building’s exceptionally low vacancy rate and strong tenant demand.
In addition to its added F.A.R upside, the property is also well-suited for an owner-user. With stable in-place income, flexible layouts, and significant future upside, 11-11 44th Road represents a compelling investment opportunity in a rapidly evolving, rezoned sub-market of Queens Long Island City, Hunters Point
Contact Exclusive Broker for setup
Your Space New York
Craig Stulberger
Property Facts
Sale Type
Investment or Owner User
Sale Conditions
Property Type
Office
Property Subtype
Building Size
15,200 SF
Building Class
B
Year Built
2009
Price
$12,000,000
Price Per SF
$789.47
Cap Rate
5.65%
NOI
$678,000
Tenancy
Multiple
Building Height
4 Stories
Typical Floor Size
3,800 SF
Building FAR
2.05
Lot Size
0.17 AC
Zoning
M1-4A - Additional 22,300 SF can be built. with community facility 6.5 48,750SF
Parking
15 Spaces (0.66 Spaces per 1,000 SF Leased)
Amenities
- 24 Hour Access
- Controlled Access
- Courtyard
- Restaurant
- Skylights
- Air Conditioning
- Fiber Optic Internet
- Smoke Detector
1 1
Walk Score®
Walker's Paradise (97)
Transit Score®
Rider's Paradise (100)
Bike Score®
Very Bikeable (82)
Property Taxes
| Parcel Number | 00446-0023 | Improvements Assessment | $990,090 |
| Land Assessment | $303,750 | Total Assessment | $1,293,840 |
Property Taxes
Parcel Number
00446-0023
Land Assessment
$303,750
Improvements Assessment
$990,090
Total Assessment
$1,293,840
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11-11 44th Rd
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