Modern Spaces Commercial & Investment Division retained to marker 39-40 30th Street in Long Island City

May 01, 2018 - New York City

Queens, NY Modern Spaces Commercial & Investment Division has been exclusively retained to handle the sale or ground lease of 39-40 30th St., a corner property in the Queens Plaza neighborhood of Long Island City. The lot has a 14,167 s/f footprint, including more than 230 ft. of corner frontage along 40th Ave. and 30th Ste, and offers 70,835 buildable s/f for mixed-use or residential development. Currently, there is an existing 20,000-square-foot commercial structure on site.

Evan Daniel, Edward DiTomasso and Ashley Grebow of Modern Spaces are exclusively marketing the property and representing the owner, Ganesh Management. 

The property is part of the Brownfield Cleanup Program, a New York State incentive program to encourage the redevelopment of sites with environmental issues. The property received its Certificate of Completion in 2017, which declares the site clean and offers substantial tax credits for the potential developer. Available tax credits could potentially total approximately $3.25 million.

“A long-term ground lease offers a future developer an opportunity to join the robust development landscape of Long Island City without competing with increasing and record-breaking land prices,” said Evan Daniel, executive vice president at Modern Spaces. “As part of the Brownfield Cleanup Program, the future development of the property comes with millions in tax credits, adding immense value to the overall project.”

The property’s notable neighbors include Citibank, Metlife, Barclays, HSBC, JetBlue, Silvercup Studios, CUNY Law School, 20,000 new and in-progress luxury housing units and more than 1,000,000 square feet of Class-A office space. Nearby demand for luxury residential, local retail and high-end office space remains at an all-time high in Long Island City, where retail rents are nearing $100 per square foot and Class-A office space rents reach over $45 per square foot.  

Located in the Dutch Kills subdistrict of Long Island City, 39-40 30th St. is only two blocks north of Queens Plaza. It is also walking distance from the Queens Plaza and Queensboro Plaza, granting direct access to the 39th Ave. subway. The property is also accessible by car via the Queensboro Bridge, the Midtown Tunnel, the Brooklyn-Queens Expressway, the Long Island Expressway and the Pulaski Bridge. Over the last five years, Long Island City has become known for its diverse range of restaurants, chic boutiques, arts and culture venues and waterfront parks.

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