233 50th Ave
Long Island City, NY 11101
Land For Sale · 1.75 AC

JLL has been retained on an exclusive basis to arrange for the sale of 2-33 50th Avenue (the “Property”), an extraordinary development opportunity in the exciting Long Island City neighborhood of New York City. The Property occupies an expansive 76,000 square foot lot (1.75 acres) that will enable a developer to create the first ground up luxury, high-rise mixed-use project on Long Island City’s premier waterfront in over a decade. The Property’s waterfront location, scale and expansive views of the NYC skyline set it apart, making it a premier location to develop. Additionally, an outstanding combination of multi-node transportation options serves the site, providing access to Midtown Manhattan in minutes. Immediate access to neighborhood amenities, greenspaces, and spectacular light are just a few examples of the numerous value drivers that will attract future residents and tenants. Ideally positioned within one of the nation’s top Opportunity Zones (“OZ”) as measured by average income, prospective developers can capitalize on significant economic benefits provided by the OZ Program. It is rare for an OZ investment opportunity of this size and superior location to become available, adding to the Property’s allure. The Property presents Long Island City’s best residential development opportunity in a neighborhood ready to transcend its existing rental product and limited condominium availability. Either a rental or condo strategy will achieve record pricing for the borough, and the fact that the Hunters Point neighborhood is already mature in terms of development, will significantly limit future competitive product. Development of the Property will offer an exceptional value proposition when compared to product of equivalent quality, convenience and waterfront location in Manhattan.