Thursday, November 3, 2011
New owner for LIC development site
From the Real Deal:
Developer Steve Cheung purchased a vacant site for $8.3 million where a bankrupt Brooklyn company sought to build a Starwood Aloft Hotel in Long Island City during the real estate boom.
Cheung, president of Elmhurst-based E Home Real Estate, closed this past Friday on the acquisition of the L-shaped parcel at 29-37 41st Avenue that has 205,032 square feet of development rights, he told The Real Deal. The price comes out to about $40.48 per square foot.
Cheung has been developing residential projects for about a decade in Queens, he said, in areas such as Flushing and Ridgewood, including the five-story mixed-use project at 311 Saint Nicholas Avenue in Ridgewood. He recently purchased 70-32 Queens Boulevard in Elmhurst for a future project.
"I think there is a big potential over there [in Long Island City]," he said. "In Flushing, it is hard to find any [development sites] to get in. But in LIC there is a lot of opportunity."