Real estate investment services MetroGrid Report: Long Island City Market Overview

FOCUS ON NYC SUBMARKETS

AUGUST 2015

LIC Sees 269 Percent Jump Residential Since 2006, more than 8,600 units of housing—2,200 In Development Site Prices condos and 6,400 rental units—have been completed in Long Island City and more than 22,500 are in the planning Long known as an industrial area, residential and and construction stage, according to the LIC Partnership. commercial growth has transformed Long Island City into one of the most desirable and dynamic neighborhoods This demand has pushed the price of development sites in New York City. In recent years, developers, investors, to nearly $250 per buildable square foot in the fi rst half of businesses and residents have taken notice that Long Island 2015, a 269 percent jump compared to the fi rst half of 2012 City is a mere 5 to 10 minute subway or car ride to Midtown when developers were picking up land for an average of Manhattan while offering a substantial value compared to $67 per buildable square foot. Manhattan and parts of Brooklyn. MetroGrid Report: Long Island City FOCUS ON NYC SUBMARKETS Real estate investment services

Now that development sites are inching toward $300 The de Blasio Administration is now exploring increasing per buildable square foot, many developers are shifting density around Queens Plaza and Court Square to their planned projects from rentals to condos. Average encourage the development of affordable housing in Long condominium prices in Long Island City are rising in tandem Island City. with development costs, jumping over 98 percent to $1.27 million today from $640,000 in the fi rst half of 2012.

In June, Eastern Consolidated closed on a development site at 22-12 Jackson Avenue for $43.5 million, or $257 per buildable square foot. The buyer was Adam America Real Estate, which plans to raze the existing building and construct a luxury residential condominium.

Historically a Brooklyn developer, Adam America is entering the Long Island City market for the fi rst time with its Jackson Avenue project. We expect to see more developers Offi ce migrating to Queens since land prices, while rising, are still less than in Manhattan and parts of Brooklyn. Since 2003, over two million square feet of Class A offi ce space has been created in Long Island City, living up to the Experienced builders moving into Long Island City include Wall Street Journal headline, “Long Island City is the Latest Manhattan developer Property Markets Group, which is Hot Spot for Offi ce Real Estate.” Several notable offi ce sales building a 391-unit, 45-story luxury apartment building at occurred in 2014 as institutional investors discovered the 23-10 Queens Plaza South, and is in the pre-development neighborhood. stage for an 800+ unit, 70+ story luxury mixed-use apartment building at 29-37 41st Avenue. Manhattan/ The appreciation in the offi ce market is illustrated by RXR’s Brooklyn developer Slate Property Group, is building purchase of the Standard Motor Products Building at 37-18 an eight-story condo at 21-21 44th Drive, and Ekstein Northern Boulevard for $110 million, almost triple what it Development Group is betting on the Long Island City sold for in 2008, and Vornado’s purchase of the Center market in a big way with two 80/20 projects at 26-14 Building at 29-26 Northern Boulevard for $142 Million, nearly Jackson Avenue and 10-44 44th Drive, and a condo project 70 percent more than what it sold for two years before. at 25-19 43rd Avenue. With asking rents per square foot in the $30s for offi ce TF Cornerstone is often credited with spurring residential space and in the teens and $20s for warehouse space, development in Long Island City. In 2003, the fi rm Long Island City is positioned to take advantage of the purchased a tract of land from PepsiCo along the waterfront area’s close proximity to Manhattan and the Cornell Tech and since then has completed seven residential towers with campus on Roosevelt Island by attracting businesses priced over 3,000 units along Center Boulevard, which has not out of Manhattan and Brooklyn. only changed the skyline of Long Island City but the public’s Hotel perception of the neighborhood. Hotel development in Long Island City has been ongoing Waterfront development has shifted south in Long Island at torrid pace due to its proximity to and transportation City to an area known as Hunter’s Point South. This 30 linkages with Midtown Manhattan. It is estimated that acre site will be improved with up to 5,000 housing units, over 55 million tourists visited New York City in 2014, a fi ve acres of parkland, a new school, new retail space staggering two-fold increase from just 10 years ago and and parking. Phase I (925 units) is a joint venture between a statistic that is projected to continue growing. There are Related Companies and Phipps Houses. Phase II will be currently 25 hotels with 2,482 rooms operating in Long developed by TF Cornerstone and Selfhelp Community Island City, 20 of which have opened since 2008. An Services which will bring an additional 1,193 units to the site. additional 26 hotels are in the planning/construction phases.

02 | MetroGrid Report: Long Island City FOCUS ON NYC SUBMARKETS Real estate investment services

Long Island City Development Site Transactions

Development Sites The following chart includes data from sales of residential zoned development sites in Long Island City over the past several years.

Note: For comparison purposes, we have calculated the “ZFA” for each sale. ZFA is the above grade square footage that can be developed prior to considering requirements for height, setback, rear yard, parking, etc. Also, prior to mechanical deductions, quality housing, etc.

Zoning Floor $/SF Sale Date Address Sale Price Zoning Area (ZFA) Of ZFA In Contract Confi dential Site along 45th Road $9,850,000 35,000 $281 M1-4/R6B/LIC 6/25/2015 22-12 Jackson Avenue $43,500,000 169,500 $257 M1-5/R7X/LIC 6/2/2015 42-14 27th Street $39,000,000 135,105 $289 M1-5/R7-3/LIC & M1-5/R9/LIC 5/14/2015 37-26 32nd Street & 37-29 31st Street $8,850,000 50,617 $175 M1-2/R6A/LIC 5/8/2015 26-16 40th Avenue $7,080,000 28,750 $246 M1-3/R7X/LIC 4/30/2015 36-27 31st Street $5,760,000 29,288 $197 M1-2/R6A/LIC & M1-2/R5B/LIC 4/21/2015 37-02 27th Street $5,000,000 30,229 $165 M1-2/R5B/LIC & M1-2/R6A/LIC 4/17/2015 24-01 Queens Plaza North $16,484,000 55,200 $299 M1-5/R9/LIC 3/5/2015 21-10 44th Drive $5,850,000 19,000 $308 M1-4/R7A/LIC 2/12/2015 45-34 Pearson Street $3,500,000 12,500 $280 M1-5/R7-3/LIC 1/9/2015 28-24 Jackson Avenue $15,750,000 62,908 $250 M1-5/R9/LIC 11/11/2014 29-27 Queens Plaza North and 29-43 41st Ave (1) $77,237,500 352,872 $219 M1-6/R10/LIC 11/12/2014 29-37 41st Avenue $46,300,000 205,032 $226 M1-6/R10/LIC 10/20/2014 11-55 49th Avenue $13,500,000 112,317 $120 M1-5/R7X/LIC 8/15/2014 11-22 45th Avenue and 45-35 11th Avenue (1) $44,000,000 150,000 $293 M1-4/R6A/LIC 7/23/2014 11-05 44th Drive $17,100,000 72,000 $238 M1-4 and M1-4/R7A 6/12/2014 37-10 Crescent Street $6,500,000 36,000 $181 M1-2/R5D/LIC 5/1/2014 29-27 Queens Plaza North $15,000,000 147,840 $101 M1-6/R10/LIC 4/9/2014 29-26 Northern Boulevard $53,250,000 400,000 $133 M1-6/R10/LIC 4/4/2014 21-30 44th Drive $13,700,000 70,000 $196 M1-4/R7A/LIC 3/17/2014 25-20 43rd Avenue $8,000,000 33,660 $238 M1-5/R7-3/LIC 2/24/2014 27-21 44th Drive $21,085,841 112,500 $187 M1-5/R9/LIC 12/9/2013 25-19 43rd Avenue $13,300,000 68,145 $195 M1-5/R7-3/LIC 11/20/2013 41-21 & 41-31 28th Street $17,000,000 118,720 $143 M1-5/R9/LIC 11/5/2013 31-43 Vernon Boulevard $3,680,000 66,300 $56 C1-3/R7A 10/24/2013 4234 Crescent Street $5,300,000 33,795 $157 M1-6/R10/LIC 9/19/2013 11-30 45th Road $3,800,000 22,500 $169 M1-4/R6A/LIC 7/25/2013 2701 Jackson Avenue $11,600,000 73,560 $158 M1-5/R9/LIC 7/18/2013 44-41 Purves Street $32,200,000 207,595 $155 M1-5/R9 5/9/2013 41-07 Crescent Street $3,515,000 23,750 $148 M1-5/R7-3/LIC 12/20/2012 22-22 Jackson Avenue $16,500,000 125,000 $132 M1-5/R7X/LIC 11/28/2012 23-10 Queens Plaza South $37,000,000 340,000 $109 M1-5/R9/LIC 6/26/2012 30-19 Northern Boulevard $5,750,000 111,500 $52 M1-3/R7X 6/1/2012 45-50 Pearson Street $9,065,284 142,398 $64 M1-5/R7-3/LIC 2/28/2012 41-50 24th Street $28,850,000 333,024 $87 M1-5/R9/LIC (1) Multiple transactions. Blended ZFA Reported.

Source: Eastern Consolidated Data, CoStar, Property Shark, Press Releases, Industry Publications. Information was obtained from CoStar, Property Shark, Eastern Consolidated data, industry publications and various press releases. All information has been researched but is subject to errors and/or omissions, and should be independently verifi ed.

03 | MetroGrid Report: Long Island City FOCUS ON NYC SUBMARKETS Real estate investment services

Rise In Development Site & Residential Property Values (cont’d)

Long Island City Development Sales Data

Time Period Average Price Per ZFA % Increase

1st Half 2012 $67 N/A

2nd Half 2012 $120 78.95%

1st Half 2013 $148 22.91%

2nd Half 2013 $147 -0.35%

1st Half 2014 $173 17.07%

2nd Half 2014 $244 41.25%

1st Half 2015 $247 4.16%

Overall Increase $186 269%

04 | MetroGrid Report: Long Island City FOCUS ON NYC SUBMARKETS Real estate investment services

Rise In Development Site & Residential Property Values (cont’d)

Long Island City Residential Condominium Market In conjunction with the rapid appreciation in value of residentially zoned development sites in Long Island City, residential condominium sales have also substantially increased in value.

Long Island City Condo Sales Data

Time Period Median PPSF % Increase Average Price % Increase

1st Half 2012 $700 N/A $640,000 N/A

2nd Half 2012 $729 4.14% $655,000 2.34%

1st Half 2013 $728 -0.14% $784,572 19.78%

2nd Half 2013 $838 15.11% $791,000 0.82%

1st Half 2014 $866 3.34% $745,068 -5.81%

2nd Half 2014 $983 13.55% $1,040,144 39.60%

1st Half 2015 $1,088 7.50% $1,270,827 26.08%

Overall Increase $388 55.41% $630,827 98.57%

Source: Streeteasy.com

05 | MetroGrid Report: Long Island City FOCUS ON NYC SUBMARKETS Real estate investment services

Zoning Overview

Long Island City has undergone several rounds of zoning changes to promote the development and expansion of residential and commercial development in this historically industrial neighborhood, and has now become a focal point of the de Blasio Administration’s ambitious goal of signifi cantly increasing New York City’s affordable housing stock.

On February 2, offi cials from the Department of City Planning met with Long Island City stakeholders to begin reviewing a proposal that would increase density on about 100 blocks of Long Island City to encourage the development of affordable housing. The proposal also strives to support the mixed-use character of the area by creating opportunities for new businesses and jobs.

The LIC Core Study Area includes the Queens Plaza and Court Square neighborhoods, the Queensbridge Houses campus, and the Jackson Avenue and Northern Boulevard corridors. The area is anchored by the three subway station hubs: Court Square (E, G, M, #7), Queensboro Plaza (#7, N, Q), and Queens Plaza (E, M, R). (See map on page 7 for the boundaries.)

According to City Planning, 37 blocks of the study area fall within the Queens Plaza and Court Square sub- districts where the majority of new offi ce and residential buildings have been developed or are in the construction process, including approximately 10,100 housing units, more than 1.5 million square feet of offi ce space, and 600 hotel rooms, yet several substantially under-built or vacant sites remain.

As part of the study, City Planning will review the need for public investments such as new schools, public open spaces, storm water and sanitary sewer upgrades, and pedestrian, bicycle, and traffi c safety and streetscape improvements.

06 | MetroGrid Report: Long Island City FOCUS ON NYC SUBMARKETS Real estate investment services

07 | MetroGrid Report: Long Island City FOCUS ON NYC SUBMARKETS Real estate investment services

Current Trends

The substantial supply of residential and commercial developments that will be delivered to the Long Island City market in the coming years should keep the positive momentum going for the foreseeable future. Looking forward, there are several projects that will infl uence the continued growth in the neighborhood.

Hunters Point South Through a competitive RFP process, TF Cornerstone and Selfhelp were selected by the NYC Department of Housing Preservation and Development (HPD) to build Phase II of the City’s massive Hunters Point South development. When all phases of the development are complete, it is anticipated that it will include around 5,000 apartments, of which a majority will be for low and middle income families. Additionally, it will be the largest affordable housing complex built in New York City since the 1970’s when Co-op City in the Bronx and Starrett City in Brooklyn opened.

In late 2014/early 2015 a lottery was held to secure an affordable apartment in the fi rst phase of the Hunters Point South Development. An astounding 92,000+ renters applied for the 924 units that were made available.The sheer amount of applicants highlighted the incredible demand for affordable housing in Long Island City and New York City as a whole.

Cornell Tech Roosevelt Island Campus In late 2011, the Bloomberg Administration announced a partnership between two universities—Cornell and Technion—to build a $2 billion, two-million-square-foot applied science and engineering campus on the southern portion of Roosevelt Island; equidistant between Manhattan and Long Island City. The campus is anticipated to open in 2017 and will nearly double the City’s number of full-time, graduate and engineering students. Given the short distance from Long Island City, the campus is anticipated to be a signifi cant economic driver of business and research to the neighborhood, as well as increase demand for housing.

Sunnyside Yards Mayor Bill de Blasio unveiled a plan during his State of the City speech to build 11,250 affordable housing units on top of the active Sunnyside rail yards. Although this was met with stiff opposition by Governor Andrew Cuomo and many local residents, City Hall has pressed forward with various feasibility studies. Amtrak owns 113 acres, 23 acres are privately owned and the MTA owns the remaining 66 acres. Of the MTA portion, the City owns the air rights over 44 of the acres. Should this ambitious plan gain steam, it could potentially bring an astounding number of apartments to Long Island City.

08 | MetroGrid Report: Long Island City FOCUS ON NYC SUBMARKETS Real estate investment services Long Island City Development Map Source: Long Island City Partnership www.licpartnership.org

Residential Renovated Flex Commercial Space Class A Offi ce Space Hotel Other Commercial Empty

Manhattan

Queens

09 | MetroGrid Report: Long Island City FOCUS ON NYC SUBMARKETS Real estate investment services Long Island City New Multi-Family Developments Map

11 17 12

21

10 4 15 13 3 16

8 22 6 23

7 24 20 5 25

26 2 14 9 19

1 18

1 HUNTER’S POINT SOUTH - 1-50 50TH AVENUE: The largest afford- 9 THE PEARSON COURT SQUARE - 45-56 PEARSON STREET: able housing complex to be built in NYC since the 1970s. Currently, the Another recently launched rental brings 197 new residential units to the 18 11-55 49TH AVENUE: This parking lot will soon host a 12-story, fi rst two towers are under construction, and when they open next year, neighborhood. Developed by L+M Development Partners, the property 140-unit building by Maddd Equities. Plans were revealed this past they will bring 925 units to the neighborhood, some of which will be will be composed of studio, one-, and two-bedroom apartments and will December. The building is designed by Aufgang Architects and 50% will affordable to a different range of incomes. TF Cornerstone was selected also have three wind turbines in order to power the building’s common be two-bedroom apartments, with the rest being studios and one-bed- to develop the 1,193-unit phase two, and the city recently took the fi rst areas (not any other part of the building), which include a yoga studio rooms. 28 apartments will be reserved as affordable. If construction steps for the creation of the fi nal phase, which will add 3,000 residential and a roof deck. begins this year, the project could potentially be completed by 2017. units to complex. This fi nal phase will also include the second part of the waterfront park, which opened last summer. A school, community space, 10 24-12 42ND ROAD: This two-story building owned by the Queens- 19 5-33 48TH AVENUE: Permits were approved by the Dept. of Build- and retail are also included in the development. based Ampiera Group will soon be demolished to makeway for an ings in early 2013 to convert this warehouse from industrial to a mixed- 8-story residential building that will house 36 units. The ground fl oor use building with 36 apartments, some parking space below the ground 2 5POINTZ - 4623 CRANE STREET: White washed overnight late last will hold a commercial space, and renderings show that many units will fl oor, and commercial space on the fi rst fl oor. JLS Designs Architecture year by developer and owner David Wolkoff, 5Pointz, NYC’s graffi ti holy have balconies. Prices have not yet been announced. is leading the conversion, and it seems like previously approved plans land will go from an artistic landmark to another luxury housing building for a two-story addition have been discarded. in LIC. City Council approved the plans for two residential towers last 11 41-07 CRESCENT STREET: An empty lot will soon hold a 48-unit October. The development will include 1,000 apartments (210 of which building designed by Fogarty Finger and will be developed by Ranger 20 44-41 PURVES STREET: What was once planned as two sepa- will be affordable), 32,000-square-foot public park, 50,000-square-feet Properties. According to a recent rendering of the site, the completed rate buildings will now be one 25-story, 284-unit building. The initial of street level retail, and a 250 space public parking garage. project will be nine stories tall and feature a brick and glass facade. two-building project was going to be developed by Criterion Group, but There will be ground fl oor commercial space and a full-fl oor penthouse was then the developer sold the site to Simon Dushinksy’s Rabsky Group. 3 QUEENS PLAZA AND 28TH STREET: Tishman Speyer and H&R Real at the top. Units in a nearby building sold out, so this new project might be a hit Estate Investment Trust just announced plans for a 1.4-million-square- once apartments are on the market. Construction is underway, and it foot megaproject on a site adjacent to 2 Gotham Center. The plan to build 12 41-42 24TH STREET: This new luxury rental will add 421 new should be complete by 2017. out the project in three phases, the fi rst of which will include a 42-story, apartments and 21 stories to what is still a largely industrial area. The 700-unit rental tower. Construction on phase 1 should begin next year, glassy, red-terraced structure was designed by Perkins Eastman and is 21 23-10 QUEENS PLAZA SOUTH: This warehouse is destined to with the tower’s completion in 2017. The project will host 1,800 units being developed by World-Wide Group. Once fi nished, the building will have 44 stories added on in the form of a tall, shiny tower. This glassy and approximately 30,000 square feet of retail space. host perks such as a 10th fl oor pool, game room, and a tenants’ lounge. addition will be developed by Property Markets Group and designed by Construction began earlier this year and the building is expected to be SLCE. Those 44 stories will hold 345 units, and the warehouse will be 4 THE CLOCK TOWER IN LIC - 29-27 41ST AVENUE: Bought by resi- completed by 2015. converted into offi ces and parking space. dential developer Criterion Group for a record $15 million this May, LIC’s Clock Tower is probably destined to become a residential space. The Art 13 42-12 28TH STREET: Heatherwood Communities’ 477-unit building 22 42-77 HUNTER STREET: This proposed 10-story condo building is Deco tower, built in 1927 for the Bank of Manhattan, and in recent years, will stand 646-feet tall, taking the title of the tallest residential building going to be the new kid on the block and tower its low-rise neighbors. it housed offi ces and different art groups such as the Holocaust Art in Queens (once destined to belong to 43-25 Hunter Street). Designed The new structure is being developed by JMS Hunter Street LLC, and Group. In May, Criterion said they have no plans in place for the building, by Goldstein and Hill & West, it’ll be swathed in glass, and the project is construction should be complete by the end of August. but given the residential boom, apartments are likely. expected to be completed June 2017. 23 43-25 HUNTER STREET: Rockrose’s plans to build Queens’ second 5 46-09 11TH STREET: Ekstein Development’s new project will hit 14 11-51 47TH AVENUE: A stone’s throw away from MoMA PS1, tallest residential building have been stalled by the Department of the market this spring and was 50 percent leased in about two months. Charney Construction is building a 54-unit condo tower. Unlike the other Buildings, which recently rejected plans for the 50-story development Designed by GF55 Partners, the building replaced a warehouse that was glass-wrapped buildings going up in the area, designer Fogarty Finger is Rockrose had intended to begin construction in late 2013. If the building torn down after Ekstein acquired the property. The 6-story building will leaning towards and industrial aesthetic. Unit sizes will cater to families is eventually constructed, it will rise 500 feet and hold 975 units, defi - hold 59 studios, one-bedrooms, and two bedrooms. Rent for the one and will be 50 percent two-bedroom apartments. The rest will be one- nitely among the giants in LIC, but not the tallest. bedrooms start at $2,545 and two-bedrooms start at $3,616. Tenants and three-bedroom apartments. Permits have not yet been fi led for the will access to a fi tness center, parking lot, and bike storage. proposed building. 24 26-16 JACKSON AVENUE: What used to be Dykes Lumber site is now an almost completed residential building developed by Ekstien 6 4545 CENTER BOULEVARD: TF Cornerstone’s huge glass residential 15 THE QE7 - 29-26 NORTHERN BOULEVARD: Christened ”The QE7” Development. Once it’s open for potential renters, the building will be building, was completed summer of 2013 and was fully leased by Febru- due to its vicinity to those train lines, the new tower will add LED-be- 20 percent affordable. Those monthly rents will range from $539 to ary. The 41-story, 820-unit building is part of the East Coast megaproject, decked (pinball/Vegas type) building to the constantly expanding LIC sky- $893 per month. Tenants will enjoy the services of a doorman, a fi tness and has perks like a 50,000-square-foot amenities deck with a pool, line SBJ Group design the futuristic building, which is being developed room, and a laundry room among other things, and the building will hold sand beach volleyball court, a dog run, a sun deck, and two tennis courts. by Simon Baron Development Group. It will hold 415 units, and offer 5,000 square feet of commercial space on the fi rst fl oor. This site is tenants panoramic views, and amenities such as a basketball court, and also known as 26-14 on the Ekstein Development website and the new 7 4610 CENTER BOULEVARD: TF Cornerstone’s fi nal installment in a rooftop bar and lounge. teaser site. their East Coast development opened for leasing in April. The 26-story tower has 584 apartments, and it was designed by Arquitectonica, with 16 IVY28 - 42-37 27TH STREET: Named for the 28 residencies 25 THE MAXIMILIAN - 5-11 47TH AVENUE: This is probably the fanci- interiors by Yabu Pushelberg. Studios start at $2,160, one-bedrooms at and ivy-covered courtyard walls, hit the market in April. Units in the est-named building in LIC. Designed by SLCE Architects and developed $2,800, and two- and three- bedrooms rent from $3,890 and $5,330, eight-story structure are mostly studios and one-bedrooms, prices range by Rose Associates, the building’s 188 apartments went on the market respectively. Units range in size from 490-square-feet to 1,318-square- from $521,000 to $609,000. It was developed by Queens Plaza 27 and early last fall with studios starting at $1,975. Like all the other spiffy feet. Amenities include a club room, private garden, landscaped terraces, designed by Gareth Tseng, and the ground fl oor will hold commercial dwellings in the vicinity, the elevated prices come with some pretty a 24-hour concierge, and a fi tness center. space. sweet perks that include a rooftop deck and an outdoor movie theater.

8 LINC LIC - 43-10 CRESCENT STREET: Completed last November, 17 THE MILLSTONE - 41-18 27TH STREET: Dubbed “The Millstone” 26 22-25 JACKSON AVENUE: ODA designed a boxy, 182-unit mixed- this is the fi rst of several other residential projects by Rockrose Devel- in honor of Queens Plaza’s memorable millstones, this eight-story use building planned for a site just down the road from MoMA PS1. The opment Corp, this time near Court Square. The new 42-story building residential building went on the market early this April. It was designed building will also hold 5,723 square feet of retail, with bike storage, a li- will hold 709 units composed of studios, one-, two-, and three-bedroom by George Konnaris of GKA Design, and units range from one-bedrooms brary, pool, gym, lounge, communal rooftop recreational space, enclosed apartments. Studios start at $2,215 and come along with amenities like to two-bedroom apartments, all of which have built-in closets, granite parking and private terraces. The developer is Jeff Gershon. a two-fl oor fi tness center, a children’s room and a lounge. The ground kitchen countertops, and teak fl oors. There are 14 units in total and Source: Curbed.com fl oor will have a Food Cellar supermarket. prices start at $480,000.

10 | MetroGrid Report: Long Island City FOCUS ON NYC SUBMARKETS Real estate investment services

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For more information, visit www.licpartnership.org

11 | MetroGrid Report: Long Island City FOCUS ON NYC SUBMARKETS Real estate investment services Eastern Consolidated Local Market Experience

Eastern has an exceptional track record in Long Island City, and Queens has been very active in this submarket. As a result, we have real time data and a deep knowledge about the active buyers in the neighborhood. This allows us to give owners unparalleled insight into how purchasers would underwrite and ultimately value properties in the neighborhood.

Closed Transactions

$90,000,000 $43,500,000 $42,000,000 41-60 Main Street 22-12 Jackson Avenue 131-09 39th Avenue Flushing, New York Long Island City, New York Flushing, Queens, New York Mixed-Use Offi ce & Retail Development Bridge Loan 92,514 Gross SF 169,500 Buildable SF Development Site

$21,000,000 $10,200,000 $7,380,000 71-13 60th Lane 116-24 Metropolitan Avenue 37-29 31st Street Ridgewood, New York Kew Gardens, New York Long Island City, New York Residential Retail Development 50 Units 6,584 Gross SF 42,750 Buildable SF

12 | MetroGrid Report: Long Island City FOCUS ON NYC SUBMARKETS Real estate investment services

Closed Transactions (cont’d)

$6,500,000 $4,350,000 37-10 Crescent Street 32-46 Steinway Street Long Island City, New York Astoria, Queens, New York Development Retail 36,552 Buildable SF 7,505 Gross SF

13 | Real estate investment services

Investment Sales Retail Leasing Capital Advisory

355 Lexington Avenue · New York, NY 10017 Telephone 212.499.7700 · Facsimile 212.499.7718 www.easternconsolidated.com