Investors in a far-flung corner of industrial Long Island City are looking for a way to transform a 300,000-square-foot development site into a property that will raise its neighbors’ values. Nigel Shamash, principal broker at the firm 5cre, is courting developers to see who can come up with the best use for a property in a gritty section of the neighborhood between Newtown Creek and the Long Island Expressway.
Shamash said he represents a group of owners who purchased the two-story warehouse at 30-02 Borden Avenue last week, and is issuing a request for proposals to develop the site into something that will help jump start the area’s gentrification.
The owners’ preference is for a hotel, but the broker said they’d also consider creative uses such as an office building or shared work spaces – anything that will breed new life into the area. Neighbors include Silvercup Studios’ east lot as well as the Fairfield Inn and Best Western hotels.