CPEX Development & Conversion Sales Team sells 149,604 s/f site for $33.27 million; Slate Property Group is purchaser

Queens, NY The CPEX Development & Conversion Sales Team has sold a mixed-use development site in Long Island City for $33.27 million. Slate Property Group purchased the site from the estate of Bob See, founder of See Factor, sound and lighting pioneer for special events, musical groups such as David Bowie, Billy Joel, and Aerosmith, and film and television such as the Emmy Award-winning series The Sopranos.

Slate plans to develop a 200-unit mixed-use rental property.

The site is located at 37-11 30th St. on the corner of 37th Ave. in the Dutch Kills section of Long Island City, one block from the Astoria border. The 49,868 s/f footprint over two adjacent lots offers 149,604 buildable s/f as of right. Rezoned in 2008 to encourage residential development, the property has the potential to utilize the Dutch Kills special zoning district for up to 199,472 buildable s/f for mixed-use development.

CPEX’s Development & Conversion Team represented the seller and procured the buyer in this transaction. The team is led by managing partner Brian Leary and associate director Jidan Kim, along with associate directors Catherine Vintonik and Sutherland Dyke.

“This is the second largescale development transaction that our team has completed in Queens since we started covering that market last year,” said Leary. “Between the ground lease of a 400,000 s/f residential development site in Jamaica, and now the sale of 37-11 30th St., our team has the ability to achieve owners’ objectives in monetizing air rights through either a sale or retaining ownership long-term through a ground lease.”

“Dutch Kills is quickly gaining recognition on par with neighboring Astoria and other parts of Long Island City,” said Vintonik. “It is just two subway stops from Manhattan, offers excellent access to public transit, and remains competitively priced, which fuels the demand for housing and supports the continued development of the neighborhood.”

“The area around the site continues to undergo a transformation,” said Dyke. “Once predominantly industrial, Dutch Kills has followed the trend of warehouses and manufacturing properties being converted into creative space and much-needed housing.”