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Big chunk of Court Square hits the market for $41.5m

Court Square Assemblage

Jan. 23, 2015 By Michael Florio

A giant size parcel in the heart of Court Square has gone on the market with an asking price of $41.5 million.

The parcel represents an amalgam of seven properties located across the street from the Citigroup Tower.

The parcel is being marketed as “The Court Square Assemblage,” since six adjoining landlords are collectively selling their townhouse buildings.

The property is being marketed in tandem by the Corcoran Group and Modern Spaces.

The “Court Square Assemblage” is 11,145 square feet, according to a Modern Spaces. With zoning, a developer has 167,000 square feet of build able area.

The parcel is zoned for office, retail and mixed use development, according to Modern Spaces.

The portfolio of properties has only been on the market for three days. The buildings are located at 23-10 45th Ave.; 45-03 23rd Street; 45-05 23rd Street; 47-03 23rd Street; 23-14 45th Ave.; and 23-16 45th Avenue.

The sites are near CUNY Law School and are in an area where more than 10,000 new and in-development luxury housing units are located.

For more information, please click here.

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7 Comments

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Anonymous visitor

In order to achieve the required FAR you must have a lot of 10,000 SF plus you must agree to make MTA improvements that must be done first and take years and millions to realize BEFORE they allow the special bonus floor area.

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David

The article you link to is for the ultra luxury market. The market in LIC is a few steps down firm that and is still constricted because of the displacement caused by the high end development in Manhattan. There are quite a few more high rises that LIC can support.

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Anon67583

Thank you. I know what I posted. My point is this is the direction we’re headed as LIC begins to become what Manhattan and Brooklyn are. The people who gentrified Brooklyn a few years ago are being priced out and crowded out; and are fleeing to LIC. This is just the LIC beginning of an evil cycle of displacement and poor urban planning. No one is thinking of how this affects the future of the neighborhood and of the city as a whole. The Mayor’s “affordable” housing plan is a joke. I’m not against all change, but if you ask around in the community, not many feel LIC can support more high rises. The people who do support this, clearly have invested interests within the real estate market. The current construction needs to be completed before anyone can assess the true impact new residents will have on the area. The current transportation system CANNOT support this. At this time, the community is looking for more goods, services, and transportation; not more density and crowding. Too much, too soon is not the best way to plan.

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David

First, I would call the cycle of displacement a reality, not evil. It is part of the renewal of the City and should be seen as a positive. City subsidized housing, on the other hand, is a wealth transfer abomination that rots the City from within and should be killed off.

Second, “the community” isn’t really a cross section of people who live here in LIC. You are referring to the reactionaries who want to turn back the clock on the neighborhood. The future is along along the waterfront and around Court Square, where the majority of the population (and money) of the neighborhood will be living in 5 years. They, in turn, are going to dictate the nature of goods and services that will become available to the neighborhood.

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Anon67583

First, it’s an evil reality. When you homogenize an area to the point where the character is gone, it’s not progress. Progress would be finding a way to incorporate everyone into the change. The way gentrification happens in NYC now, that is not the case. It is not progress, it’s a hindrance actually.
Second, if you really read the comments and message boards for all of LIC, you would see that the current community (Gentrifiers- not just your “reactionaries”) is NOT happy with the current infrastructure. There are numerous complaints about the crowded 7 trains and platform as well as the growing crowds at the Court Square station. There are also a few comments on a message board for one of the newer buildings which reads along the lines of, “I hope this neighborhood doesn’t get too crowded, like Brooklyn.” Again, I’m not against all change, but the future should also include consideration for the future quality of life. I don’t know of too many people who would disagree quality of life is important. I’m sorry, which real estate company do you work for?

David

I do not disagree with you on the importance of adequate infrastructure, but that is the point of the work being done on the 7 train (which I commute on [to a non-real estate job] and do not find to be that bad). There is capacity for further development that I trust the professional urban planners to be able to assess better that anyone living in the area. If you don’t like it, then move.

On gentrification, it is reality. Reality is neither good nor evil. I could care less about homogenization of the neighborhood – I want to have quality restaurants, bars, and shops in place. I do care, however, when some people expect me to open up my wallet through higher rent and taxes to subsidize others just because they were renting here first. Sorry, but renting is a transaction that gets renegotiated, and your negotiating position can erode during gentrification. Buy property or be prepared to suck it up. Whining will get you nowhere.

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