Another Long Island City Industrial Building Sells to Developer

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Two industrial buildings on 33rd Street in Long Island City have sold to a residential developer. The buildings, at 37-23 and 37-25 33rd Street (pictured above) as well as 37-27 and 37-29 33rd Street, built in the 1940s, were on the market for $2 million each. According to an announcement from real estate firm CBRE, which represented the seller, the single story buildings (each is 4,885 square feet), sold for $2.95 million. They have a FAR of 3 of which they have built out.99. The new owners — the sale has yet to hit public records so we don’t know the purchasers yet — are planning a residential development and, as the release points out, the 100 feet of street frontage lends itself to a possible ground floor retail component.

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Photo: CBRE