Yaron Rosenthal plans 84K industrial, office building in LIC

Property owner Yaron Rosenthal submitted an application to rezone several parcels to facilitate the construction of an 84,475-square-foot, seven-story, light industrial and office building at 21-17 37th Avenue in Long Island City, Queens. The application identifies the neighborhood as Ravenswood. The site is currently occupied by a single-story industrial building.

The application was filed on November 9, 2022 through the entity 21-17 37th Ave. LLC. The application in a filed document and a related document submitted by the Department of City Planning both described a building of about 84,475 square feet in terms of zoning, while the building in the online description of the property describes a smaller building with about 65,571 square feet. It was unclear why there were different amounts.

The larger building with 84,475 square feet zoning, is described like this: “The Applicant, 21-17 37th Ave. LLC, requests the approval of a zoning map amendment (the “Proposed Action”) from an M1-1 zoning district to an M1-5 zoning district to rezone Block 348, Lots 1, 2, [parts of] 6, and [parts of] 35 (the Project Area). The Proposed Action would facilitate the development of a new 7-story plus cellar and sub-cellar, 113-foot-10-inch-tall light manufacturing and commercial building at Projected Development Site 1 (Block 348, Lot 2) in the Ravenswood neighborhood of Queens, Community District 1.”

The proposed building would contain approximately 119,854 gross square feet (84,475 zoning square feet; 4.97 FAR), including 22,242 GSF (21,386 ZSF; 1.26 FAR) of commercial uses (UG 6, local retail stores and commercial offices), 65,612 GSF (63,088 ZSF; 3.71 FAR) of light manufacturing uses (UG 17), and 32,000 GSF of accessory parking area containing 58 spaces.”

The smaller, 65,571-square foot project on the Zap website is described like this: A zoning map amendment from an M1-1 to an M1-5 zoning district to facilitate the development of a new seven-story, 65,571.7 sq. ft. mixed-use light industrial and office building is being sought by private applicant 21-17 37th Ave. LLC in Ravenswood, Community District 1, Queens. In addition to the development tax lot, the application seeks to rezone three other lots which would give this parcel a total of 84,475 square feet in development rights.

The property

The current industrial building in Long Island City has 9,000 square feet of built space and 7,990 square feet of additional air rights for a total buildable of 17,000 square feet according to a PincusCo analysis of city data. The 21-17 37 Avenue parcel has frontage of 191 feet and is 90 feet deep with a total lot size of 17,000 square feet. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $2.1 million.

Prior sales and revenue

This property was sold for $3.5 million on October 26, 2012.

The 9,000-square-foot property generated revenue of $226,142 or $25 per square foot, according to the most recent income and expense figures.

Violations and lawsuits

According to city public data, the property has not received any significant violations in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Long Island City, the bulk, or 34 percent of the 63.3 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 32 percent of the space. In sales, Long Island City has the 9th highest sale turnover among other neighborhoods in the city with $1.7 billion in sales volume in the last two years. For development, Long Island City is the 3rd most active neighborhood among other neighborhoods. It had 9.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 15 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the seven commercial properties representing 9,100 square feet of the 59,627 square feet. The identified owner is Community Healthcare Network. There are no active new building construction projects on this tax block.

The surrounding

This is the first commercial real estate event of interest identified within the 400-foot radius of 21-17 37 Avenue in the past 24 months.

Direct link to the property’s ACRIS page and link to DOB NOW portal.