23-10 43rd Avenue
LIC Office Building Sells for $50M Ahead of Public School Project
A 5-story office building, located at 23-10 43rd Avenue in Long Island City, Queens, has just traded hands for $50 million. The structure was acquired by the New York City School Construction Authority, from the previous owner, Stawski Partners, in an arms-length transaction.
Originally constructed in 1989, the Class-B structure totals 110,966 square feet and sits on 21,156 square feet of land. It might not be around for much longer, however, as the New York City School Construction Authority has announced plans to replace the building with a brand new, 547-seat, public elementary school.
Serving Long Island City's Court Square area, the school would teach students, ranging from kindergarten to 5th grade, and feature a gymnasium, a library, a cafeteria, a music room, and an art room, in addition to traditional classrooms. A timeline for the project isn't available at this time as building and demolition permits have still yet to be filed.