B6 Real Estate Advisors and Better Brokers, LLC has been retained on a co-exclusive basis to arrange for the sale of 50-17 5th Street, a three-story, 12,456 SF (approx.) plus 5,000 SF cellar, corner loft building with a 25’ x 100’ parking lot in the Long Island City neighborhood of Queens, NY.
The property is situated within an M1-4/R6A/R6B zoning district, which together with 7,544 SF (approx.) of available air rights, offers the potential to convert to residential rentals or condominium, as well as a maximum ground-up development potential of 20,000 BSF (approx.), as of right. The entire property is fully occupied with one month to month commercial tenant in the lower level and five IMD tenants above. Each floor enjoys high ceilings and a tremendous amount of windows.
The property is ideally located on the northeast corner of 5th Street and 51st Avenue, two blocks from Hunter’s Point Park on the East River. The Vernon Boulevard-Jackson Avenue 7 train station and the Long Island City LIRR station are both just one block away. Centrally located in Long Island City, the property enjoys tremendous access to all the boroughs via driving or public transportation.