Rising prices in Long Island City are increasingly encouraging condominium development among newly-purchased lots, but most projects built on land bought in earlier years are coming to fruition as rentals, including one building just north of the Queensboro Bridge.
There, at 23-01 41st Avenue, an application has been filed to construct a six-story apartment building. Flushing-based Ameriland Brook, led by Xiaohong Zhao, filed for the permit as an architect, while an LLC led by Zehao Fang is listed as the developer.
With 37 units over 25,000 square feet of residential space, the apartments are likely to be rentals, at just under 700 square feet apiece on average (nine each on floors two and three, seven each on the two floors above those, and five on the penthouse level).
The project also includes a commercial space measuring a bit more than 6,000 square feet, but rather than the usual ground-floor retail, the developer is building space for a photo studio, according to the Schedule A filing. Nineteen parking spaces, the exact number required by zoning, will be included in a cellar garage.
The land sale closed last year, with the parcel trading for $3.75 million, or around $120 per buildable square foot. The land was rezoned in 2008 from a purely industrial and commercial designation, but the city won’t be missing out on much in terms of jobs – the property looks to have been used as a combination filling station/auto body shop/parking lot.
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