NEW YORK, NY – May 19, 2015 – Ariel Property Advisors has announced it has been retained on an exclusive basis to sell a development site spanning 315’ of frontage at 35-02 Northern Boulevard in the burgeoning neighborhood of Long Island City (LIC), Queens for $30,000,000.

Exclusive agents Daniel Wechsler, Jesse Deutch, Victor Sozio and Michael A. Tortorici are bringing the property to market, representing the owner, a private investor.

The site’s M1-5 zoning provides 145,300 buildable square feet for a range of commercial uses, including retail, office, hotel and entertainment on Northern Boulevard. A major thoroughfare within Long Island City, Northern Boulevard is a centralized and heavily populated area in one of the most active real estate markets in New York City.

The property is located within the LIC Core Study Area, an area identified by the Department of City Planning as having the capacity for additional housing development.

“With retail, commercial and office sales seeing significant growth in the past year, this site offers investors upside from a few angles,” said Daniel Wechsler, vice president at Ariel Property Advisors. “Offering a substantial amount of frontage in a central and accessible location, any building on the site has the potential to generate a transformative effect on the area.”

Since 2006, there have been approximately 8,600 units of housing constructed in Long Island City, and there are approximately 22,500 additional units in the pipeline. This includes recently approved plans for a 103,000 square-foot mixed-use building with 85 apartments and 35,000 square feet of commercial space directly across the street from 35-02 Northern Boulevard.

Convenient access from the site to Brooklyn, Manhattan and throughout Queens is provided by the M,R at the 36th Street station and the N,Q subways located at the 39th Avenue station.