PREMIER DEVELOPMENT SITE IN LONG ISLAND CITY
The Site is a unique opportunity to acquire the best condominium development site in Long Island City. The site is zoned for over 190,000 square feet and 202 units. Additionally, there is no affordable requirement and there is a waiver of the parking requirement for this project.
OUTSTANDING TRANSPORTATION ACCESS
45-40 Vernon Boulevard is located on the corner of 46th Avenue and Vernon Boulevard in Long Island City, Queens. The Property is just steps away from the Vernon Boulevard - Jackson Avenue Station and the Court Square - 23rd Street Station, offering direct and easy access to Manhattan and the surrounding boroughs.
GROWING CONDO MARKET
Most of the Long Island City waterfront is developed with rental buildings and due to the tax abatements are not convertible to condominium. The creation of a mixed-use project featuring condominiums in a transit-oriented location with amenities and views will fill a void and satisfy a craving in Long Island City’s market, and prospective developers will undoubtedly benefit from the lack of direct competition. The renowned and well-respected Morris Adjmi Architects has thoughtfully curated the massing and schematic design which has been BSA Approved.
BROWNFIELD TAX CREDIT PROGRAM APPROVAL & COMPLETION
The Site is in the Brownfield Tax Credit Program and has been issued a Certificate of Completion. Accordingly, no further remediation work is required, and the current owner has received a tax refund for the remediation on the site. The Certificate of Completion entitles a subsequent Developer to a 12% tax refund (paid by check) on all development costs. The Brownfield Tax Credit includes all capitalized development costs, which encompasses both soft and hard costs attributed to the project.
- Residential FAR w/ BSA Approval: 5.0
- Lot Size: 38,574 SF
- Tax Block / Lot: 26 / 4 & 8
- Gross Buildable SF: 210,093 GSF
- Zoning Floor Area: 192,432 BSF
- Zoning: M1-4
- Brownfield Tax Credit (first milestone paid and completed)