An old Long Island City manufacturing building that was transformed into office space has been listed for sale and could be converted yet again.
The 54,000-square-foot building at 47-01 Van Dam St., which was formerly used for printing, is being marketed by real estate firm CBRE, and the brokerage believes the property will be valuable to buyers looking to open a hotel or even redevelop the building for other uses to maximize profits.
“Given the tremendous growth of LIC over the past few years, the property is ideal for acquisition by a number of investors looking for a value-add opportunity,” said CBRE’s Joshua Kleinberg, who with John Reinertsen is representing the seller. “The property is located in proximity to a number of transportation options as well as new high-end projects taking shape around the neighborhood. A creative buyer can find tremendous return with the proper use.”
Between 47th and 48th avenues, the building is situated not far from the five-story Falchi and the 10-floor Factory, which are old industrial buildings that were converted into mixed-use office and retail structures.
Although the three-story building on Van Dam Street is much smaller than those larger properties, the structure still has popular industrial qualities that are attractive to buyers. There are 15-foot ceilings and passenger and freight elevators, and natural light soaks each floor of the building with windows on all sides.
The building is also located just a few blocks from the 33rd Street 7 train subway station.