Wednesday, September 17, 2008

LIC's Latest Mini-Development


Spotted this on site rendering while wandering LIC yesterday. Diagonally across from the new Duane Reade on 5th Street and 47th Road is a 25'x100' lot which looks to be LIC's newest development. No details are forthcoming just yet, but I am familiar with the property because I had a client bidding on it. The biggest question was how to make money on a lot zoned for 7500sf when the lot was fetching better than $1.7 Mil.. Apparently, someone has figured that out. Looks like some sort of condo with (hooray) ground floor retail and terraces o'plenty! Good news for North facing 5SL owners- the building at 4 stories will have virtually zero impact on existing views.

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