Mark Zeldin pays $8M to Queens Progress Associates for commercial property in Long Island City

Mark Zeldin through the entity 1064 Jackson Development, LLC paid Queens Progress Associates, LLC $8.0 million for 23651 50th Avenue, 10-64 Jackson Avenue in Long Island City. The deal closed on December 6, 2019, and was recorded on December 17, 2019. The transaction consists of 2 parcels, including the tax class retail building with apartments above (K4). The parcel(s) have total development potential of 51,521 square feet.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $65,000.There has been one new building permit application totaling 25,998 square feet. Those plans include a total of 29 residential or hotel units. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link