Kalmon Dolgin Affiliates, Inc. (KDA) arranged the $14 million sale of two interconnecting warehouses totaling 57,400 s/f at 33-33 and 33-55 11th St., on the border of Astoria and Long Island City. Neil Dolgin and Kalmon Dolgin, co-presidents of KDA, made the announcement.
Grant Dolgin and Dmitri Gourianov of KDA represented the sellers in the transaction, 33-11 Associates Partnership and Jacobson Realty Corp. The buyer, JPRG Holdings, was represented by Hentze Dor Realty. Prior to the sale, the building was used as the main warehouse for Operative Cake, a baked goods wholesale business, which recently relocated to the Bronx.
Amenities at the one-story industrial-use building include 19-ft. ceilings, frontage along three streets, multiple loading docks and heavy power. There is also 1,700 s/f of parking on the lot.
"The buyer, a local investor, currently plans to lease out the property as a warehouse, the same as prior to the sale. However, 33-33 and 33-55 11th St. also has the potential to be converted and developed into a rental or condominium building. It has 70,000 as-of-right buildable s/f for residential development," said Dolgin.
The property, between 33rd Road and 34th Ave., is located close to the Socrates Sculpture Park and Noguchi Museum, as well as several new residential developments. Via the Roosevelt Island Bridge, 33-33 and 33-55 11th St. provides quick access to Roosevelt Island, and via the Queensboro Bridge, to Manhattan. The Robert F. Kennedy Bridge and Brooklyn Queens Expressway are also nearby. The N and Q subway lines are a few short blocks east. Tags: