Development site sells for $37M in latest Long Island City deal
GDC Properties picks up plot that allows 114K sf development
October 20, 2014 01:40PM
By
Claire Moses
11-22 45th Road, Long Island City
The Westchester-based GDC Properties bought a development site in Long Island City for $37 million, according to property records filed with the city Monday.
The site at 11-22 45th Road in the Court Square area of Long Island City is home to a one-story warehouse. The president of GDC Properties, William Ingraham, also filed a permit to demolish the 33,660-square-foot structure at the location, according to records from the city’s Department of Buildings.
Eunhasu Corporation is the seller of the property, records indicate. The site holds 114,000 buildable square feet.
It’s not the developer’s first foray into the five boroughs. In 2012, GDC converted an old factory building at 220 Water Street.
The site is located next to 11-30 45th Road where a new Raymond Chan-designed residential development is in the works. It’s also near the Museum of Modern Arts’ P.S. 1 and multiple new residential projects in the area. Court Square has been booming with residential development in recent months, including David and Jerry Wolkoff’s new development at the former 5Pointz location and Brause Realty’s 44-30 Purves Street.
