Photo: EPIC Commercial Realty
A hotel development site in Long Island City is on the market, with an asking site of $1.75 million.
Located between 38th and 40th avenues, 38-60 11th Street comes with approved plans for a 32-key hotel and 12,075 square feet of development rights, according to the listing. The site is currently occupied by a vacant two-story, two-unit residential building.
The property previously traded for $630,000 in September 2013 to LIC Jewel LLC. Permits were filed in August 2014 for a nine-story, 33-room hotel at the 2,415-square-foot lot, with Gerard Caliendo as the architect of record.
EPIC Commercial Realty is marketing the property.
At least three new hospitality projects with 275 rooms total have been proposed for the immediate vicinity; just up the street, a pair of hotels are planned for 38-51 and 38-55 11th Street, We Heart LIC reported. Permits were filed in July 2014 for a 14-story, 102-room project at 38-51 and a 16-story, 101-room building at 38-55 (approved November 2014). Both places of lodging are being developed by Flushing-based 559 Development LLC, and there will be just nine total enclosed parking spaces between the two buildings. 559 Development LLC purchased the lots for a total of $6.181 million in July 2013, according to Department of Finance records.
Two blocks away, a third hotel is geared for 38-60 13th Street, according to We Heart LIC. Permits were filed July 2014 and approved December 2014 for a 10-story, 72-room building, with Chang Hwa Tan as the architect of record. The developer is Nassau County-based 38-60 13th Street Partners LLC, which acquired the property from Yip Brothers Realty for $2.565 million in May 2014.