Next Multifamily Development Hotspot: Jackson Avenue?
Circle F Capital is closing in on a development site for a mixed-use/condo project at 22-43 Jackson Ave in Long Island City. The project would total 10 or 11 stories with a total of 25k SF of retail.
Current zoning allows for around 76k SF of new development. The deal, if it closes, is expected to tick in at over $330/BSF, according to The Real Deal.
Right now there’s a 6,400 SF single-story building on the site, owned by the International Brotherhood of Teamsters. Pinnacle Realty’s David Junik, Decio Baio and Gary Blum are brokering the land sale.
Adam America Real Estate, Charney Construction & Development and Gershon Co are among the developers that have recently built or are building projects on the increasingly bustling, previously quiet strip near MoMA PS1. [TRD]
