70,000-Square-Foot Long Island City Property Sells for Big Bucks
The sale of a massive Long Island City property fronting 12th Street, 13th Street and 38th Avenue (with the official address 38-21 12th Street) hit public records for $16,200,000. According to PropertyShark, the lot is 70,200 square feet with a FAR of 5. (The 37,700-square-foot structure currently on site is only built up to a…
The sale of a massive Long Island City property fronting 12th Street, 13th Street and 38th Avenue (with the official address 38-21 12th Street) hit public records for $16,200,000. According to PropertyShark, the lot is 70,200 square feet with a FAR of 5. (The 37,700-square-foot structure currently on site is only built up to a FAR of .54.) That means that the developer should be able to build up to 350,000 square feet. After the jump, check out an arial shot of the property to get an idea of the space the buyer is working with. Unfortunately, public records reveal very little about the buyer, who is hiding behind an LLC. If you’ve got any dirt on this sale, hit us up at the tipline. GMAP
Did a little Googling and found that the LLC is Elysabeth Kleinhans a real estate lawyer who owns and is artistic director of the non-profit 59E59 Theatrical. Her mother, Sarah Kornein, owned the Lever House, the downtown Equitable Building and 220 and 240 CPS among others at her death.
I am curious why she is interested in this manufacturing zoned property.