June 30, 2015 By Jackie Strawbridge
The recent $43.5 million sale of a taxi lot on Jackson Avenue will pave the way for a new luxury condominium tower, according to brokers.
Adam America Real Estate purchased the site, located at 22-12 Jackson Avenue, from the Diamond Service Corporation with the intention of developing the site.
The company plans to build an 11-story condominium that will hold 186 residences, including studios, one-, two- and three-bedrooms, as well as 5,000 square-feet of retail space, according to a release from Adam America.
Amenities will include a swimming pool, spa, courtyard, kids’ playroom and fitness center.
There will be roughly 15,500 square-feet of private parking space.
Ronald Solarz of Eastern Consolidated, who brokered the deal with Chris Matousek, said he expects this development to serve a demand for condos in a market saturated with rentals.
“Most of the new development that’s occurring is going to be rental product, but the demand for condominiums in Long Island City is extremely strong, and there are very limited numbers of condos coming on the market,” he said. “Because of that fact, this site is going to be in my opinion a homerun.”
Solarz added that the appeal of the Jackson Avenue condos is that they will provide quick access to midtown Manhattan yet will priced much lower compared to similar units across the river.
The new condo will be located next to an 11-story, 180-unit apartment building at 22-22 Jackson Avenue and steps from the former 5Pointz site.