Industrial & Logistics

42-11 9th Street

42-11 9th Street, Long Island City, NY, 11101, US

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42-11 9th Street_Property for Sale

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Asset description

Jones Lang LaSalle ("JLL") has been retained on an exclusive basis to arrange for the sale of 42-11 9th Street, a 55,000 SF warehouse with an approved ULURP for 400,000 SF of commercial use in Long Island City, Queens.

Attributes

Year built
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Investment highlights

EXISTING OPPORTUNITY

The Property is currently a ~55,000 SF warehouse with a minimum of ~17’ ceilings throughout, 3 overhead drive-in-doors, and private offices with a separate entrance. Given its proximity to major highways, and unmatched manufacturing, industrial storage, and logistics fundamentals, this opportunity is ideal for investors and users alike.

MULTIPLE DEVELOPMENT SCENARIOS

In addition to the as-is potential, the Property benefits from a flexible zoning designation which would support development of studios, industrial, logistics, life sciences and office among other uses. The Property comprises upwards of 321,347 ZFA for development via a ULURP approved in August 2020.

ULURP REQUIREMENTS

If redeveloped to the ULURP development potential of 321,347 ZFA, the following requirements must be met:

• 64,270 ZFA of Industrial Uses

• 257,077 ZFA of Commercial Uses

OUTSTANDING TRANSPORTATION ACCESS

The Property is unrivaled when it comes to convenient transportation options, which include the Subway Line at Queensboro Plaza and the LIRR, numerous bus routes that run throughout Manhattan, Brooklyn & Queens, and quick access to two of the Tri-State’s busiest international airports, JFK, and LaGuardia.

RAPIDLY EXPANDING MARKET

Long Island City hosts over 13 million square feet of existing office space. The area is home to over 6,600 businesses and a diverse tenant makeup that has enticed a diverse startup culture balanced by Fortune 500 companies such as JetBlue, MetLife, and Citicorp. These companies provide jobs to over 115,000 employees currently.

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Last updated
Nov 30, 2022