NEW YORK CITY—A residential development site at 22-12 Jackson Avenue in Long Island City, Queens has traded for nearly $44 million. Adam America Real Estate—which purchased the site from Diamond Service Corp.—plans to raze the existing property and build a luxury residential condominium tower, offering tremendous Manhattan views.
Eastern Consolidated principal and executive managing director Ronald Solarz and director, financial services Chris Matousek represented both the buyer and the seller.
Zoned for 169,500 square feet, 22-12 Jackson Ave. is across from MoMA PS1, down the street from the 1.2 million-square-foot development at 5Pointz, and adjacent to a new 182-unit, mixed-use apartment building. The existing 33,900-square-foot lot at 22-12 Jackson Ave. is currently occupied by a taxi company.
The property is on the south side of Jackson Avenue, between 21st Street and Crane Street, and in close proximity both to Citigroup's 1.5 million-square-foot office tower and the 1,800-unit residential development from Tishman Speyer and H&R REIT that was announced last year.
“Adam America will deliver a new luxury condominium tower, which will be extremely well received by the market given its prime, central location and convenient access to multiple subway lines,” Solarz says. “Long Island City is one of New York's most exciting, growth markets with incredible demand for additional residential product.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
