45-40 Vernon Boulevard Update 04/23/24

LIC Development Site Trades for $47M

A 33,150 square-foot development site, located at 45-40 Vernon Boulevard in Long Island City, Queens, has just been sold for $47 million. The property was purchased by developer, ZD Jasper Realty, from the previous owners, Quadrum Global, Baron Property Group, and Simon Development, in a deal brokered by JLL.

Although the site is currently occupied by a disused warehouse building, the lot offers a buildable potential of 192,000 square feet.

In 2022, the previous owners expressed plans to build a 23-story apartment building on the property that would've incorporated the warehouse into its design, but this was quickly shot down by the Community Board. It's not yet clear what ZD Jasper plans to develop on the parcel, but demolition permits have been filed.

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