NEW YORK CITY – Time Equities Inc. has exclusively retainedCushman & Wakefield to market and arrange the sale of ablock-through development site assemblage in the Long Island Cityarea of New York City.

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Encompassing 179,259 buildable square feet, the site comprisesthree tax parcels located at 37-11, 37-19 23rd St. and 37-16 24thSt. within the Queens borough. The site additionally offerstransferable development, air rights from Time Equities' adjacentcommercial office property, the Silks Building.

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The property is situated within a federal Opportunity Zone andis also eligible for other New York City financial incentives forboth landlords and tenants.

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Solely zoned for office and commercial uses, rather thanmultifamily use, the site's preliminary zoning outlines a 25-story,boutique office tower.

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The seller, 37-24th Street Equities LLC, will berepresented in all of the marketing efforts for the site by theCushman & Wakefield team of Andrea Efthymiou and Rani Bendary,led by Stephen R. Preuss.

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"With approximately180,000 buildable square feet, the subjectsite will support a tower with a height in excess of 25 stories –and as such, it will offer intimate floor plates and unobstructedviews of the Manhattan skyline," said TEI chairman, FrancisGreenburger. "Having purchased these sites almost 20 years ago, ithas been remarkable to see the strength and evolution of the LICmarket in general, and this location in particular."

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"This LIC assemblage presents a truly unique, large-scalecommercial development opportunity," said Preuss. "The low supplyand high demand in LIC for high-tech and new boutique office space,coupled with the recent trend of companies on the lookout forlarger office space outside of Manhattan to accommodate employees,makes this the ideal opportunity to fulfill those requirements. Thesite is the perfect canvas for a multi-tenant tower with thelikelihood of individual tenant full-floors or for a single tenantuser/corporate headquarters."

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Development Site Tower Rendering 37-11, 37-19 23rd St. and 37-16 24th St., Long IslandCity

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Ingrid Tunberg

Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.