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21-01-51st Ave., LIC, Queens Rendering of the redeveloped 21-01-51st Ave. building in Long Island City, Queens/ Credit: The Kaufman Organization

NEW YORK CITY—The Kaufman Organization has inked a 99-year ground lease for the Cardinal Building in the Hunter’s Point section of Long Island City and plans to convert the longstanding industrial building into a modern, “cutting edge” mixed-use property.

The developer reports it has signed the long-term lease with Martial Enterprises for the 65,000-square-foot building at 21-01 51st Ave. Kaufman, which has extensive holdings in Queens, plans to immediately begin work on the conversion of the building for office and retail use. No financial details on the value of the ground lease were released.

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