BY KIRSTEN E. PAULSON
An 8,540-square-foot warehouse in Long Island City has sold for $4,270,000, according to an announcement by John Horowitz of Marcus & Millichap, a commercial real estate investment services firm.
The warehouse, which is located at 38-04 11th St. and sits on a lot with 42,700 square feet of buildable land, was formerly the site of an auto shop; however, the warehouse is currently vacant.
“The sale of 38-04 11th St. at $100 per buildable square foot marks a price record for a commercially zoned redevelopment opportunity in the industrial section of northern Long Island City. The property’s buyer plans to redevelop the existing warehouse into a hotel,” according to Jakub Nowak, one of the agents who marketed and secured the sale of the property.
The buyer has been identified as Alec Shtromandel, who is currently building a 34-room hotel at 489 Baltic Street in Brooklyn that he also purchased from Marcus and Millichap last year.
Apart from demolition permits, no plans have been filed or released for the site.