LIC Townhouses Ask $8.077, $6 Million

That’s no typo. Two listing popped up for the three-story townhouse at 23-16 45th Avenue (left) and the two-story townhouse at 45-05 23rd Street (right). The asking prices come in at $8,077,000 and $6,000,060. Both properties are located within a triangle bound by 45th Avenue, 23rd Street and Jackson Avenue — right off the Court Square G train. And both listings say the same thing:

This townhouse is part of a unique assemblage as this building has a maximum buildable of 26,250 (FAR 15) as part of the Court Square Subdistrict and LIC Special District. This assemblage is for the savvy investor who wants to be part of the reformation in LIC. This property will be delivered vacant.

The majority of surrounding properties in this triangle are similarly modest townhouses or buildings, all with a FAR of 15. So it’s highly possible we will start to see a major buyout — followed by a major tear down — of all the homes in the area. And then comes yet another glassy residential tower for LIC. GMAP