47-33 5th Street
Jan. 25, 2015 By Christian Murray
A four-story building on 5th Street that sold for a whopping $12 million earlier this month is going to be rehabbed.
The property, located at 47-33 5th Street, is one of the last remaining brick buildings in Hunters Point and that is why the buyer paid a premium for it, real estate experts said.
“The beauty of that building is that it is one of the last of the Mohicans,” said Rick Rosa, a broker with Douglas Elliman who is overseeing the development. The property is located next to 5sl and kitty corner to Duane Reade.
The owner, Eunhasa Corp., plans to gut the building and then make room for about 15 apartments. The property will also have ground floor retail.
Rosa said that the building will be completed in about 18 months and the owner is still determining whether to go condo or rental.
He said that rental prices for studios and 1 brm apartments have reached a point where buying—based on mortgage costs–is only a little higher than renting. However, with two bedroom apartments typically selling for over $1 million, renting is a much more affordable option, Rosa said.
Meanwhile, the corner property on Vernon Blvd and 50th Avenue (49-18 Vernon Blvd) is expected to be completed by spring 2016. The plans call for 15 rental apartments with room for two or three retail spaces, Rosa said.
One of the retail spaces will be occupied by the Butcher Gourmet Deli. The owner of the deli , which is located next door at 49-16 Vernon Blvd, is a co-owner of the site.
49-18 Vernon Blvd (completion date: spring 2016)
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7 Comments
12 million dollars plus many more millions to rehab the building to make 15 apartments………….are you kidding me. I don’t care how much they rent for…….doesn’t sound like they will break even or let alone make a profit
Do the math. If you assume 1000 square feet per apartment, then there are 15,000 square feet of sellable condo. By the time this building is done, the price per square foot will easily be around $1500, or $22,500,00 for the apartments. This is a conservative estimate. Throw in the lease revenue from the retail space, and the developer will be making a tidy sum.
Happy they’re rehabbing. If there were more developers doing that, there’d be some shread of character left in LIC.
“Last remaining brick buildings in Hunters Point”?? And what are the hundreds of other brick buildings I see every day really made from?
my sentiments exactly Licfan that place is nasty
Hopefully the Butcher Deli will clean up before it moves! What then will happen to the nasty building it occupies now?
Great to hear they’re keeping the building as is and not tearing it down to build a light-stealing high rise.