Three Big Sales in Long Island City


    Here are some notable LIC sales that popped up on public records since the beginning of the month. The first: the 141,800-square-foot warehouse at 30-02 48th Avenue, between 10th and 11th avenues. The records lead us to believe that the buyer is the Paramount Group, a Manhattan-based investment company. The cost was a hefty $21,000,000. DOB permits don’t indicate that the warehouse will be converted to residential use, and it’s unclear if there are still commercial tenants in the building. Anybody have background info on that one — is it possible this will go residential? The second sale is of a two-story parking garage on a 66,680-square-foot lot at 30-02 Borden Avenue, near Van Dam Street. The old listing says that the lot comes with a buildable 333,000 square feet, although it is zoned for manufacturing use. The price for that one: $2,500,000. Finally, a 9,200-square-foot lot at 27-01 Jackson Avenue sold for $11,600,000. According to another old listing, it’s zoned for residential use and can accommodate up to 75,000-square-feet of residential space.

    What's Happening