Source: Google maps (46-40 Vernon Blvd–white building)
Jan. 7, 2015 Staff Report
The owner of a three-story apartment house in the heart of Hunters Point has filed plans to knock it down and build a 5-story mixed use building.
The property, located at 46-40 Vernon Blvd, would have ground floor retail with six residential units upstairs, according to Dec. 29 filings with the Department of Buildings.
The site is located between Alobar and Matted LIC.
The property is owned by Eileen Casson, who has held onto it for decades.
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Owner probably had few choices. City sees all the expensive new buildings going up and gives them all property tax abatements. Since everything in the neighborhood is going up in value, the property taxes on all the buildings goes up. Taxes on commercial and mixed use buildings, unlike single family homes, are very high and can go up in double digit percentages per year.
The owner probably couldn’t afford to keep the property as an aging 3 story building but can make a profit with 5 stories and the 15-20 year tax abatement that building the new structure will give them.
Choices for the small owner are sell or build. As a small property owner myself on the edge of LIC, I see myself having to make this decision sometime soon.
Happy to hear the neighborhood is getting better. Bah humbugh to naysayers, get over yourselves
That’s great news! A new retail spot. Please Please Please Something good!!
I wonder if they’ll have outdoor space…
Looking forward to seeing this too!
[…] Plans Filed to Build 5-Story Structure Next to Alobar on Vernon Blvd […]
Amazing. Decades long resident maximizing on her investment in the area many years ago
Excited to see what it will be
I’m disgusted and can’t believe how LIC is changing like this. Sucks
im not understanding your disbelief.
what is so disgusting about a building owner building a bigger building on the property he owns.
he isnt buying other property to knockk everything down and build a monstrosity of a development.
hes putting up a 5 story building in a spot where there is currently an ugly 3 story building.
Best of luck to this guy. It will keep with the feel of Vernon…small mixed use buildings…