BY: Decca Muldowney
Current zoning allows for project spanning over 1M sf
Amazon may not be coming to Long Island City, but that hasn’t halted new development in the area.
The site’s current zoning allows 1 million square feet of residential development and 60,000 square feet of commercial space.
Bruce Teitelbaum, once a chief of staff to former mayor Rudy Giuliani, is one of the investors who own the site. In 2015, Teitelbaum pitched a mixed-use development at the site that included a pedestrian bridge connecting Long Island City to Roosevelt Island, but the project stalled.
The site, formerly an oil refinery, has been in foreclosure since 2012. The current owners are negotiating with an affiliate of the Durst Organization, which owns a $32 million note on the property, Gilmartin told CO.
In December 2018, L&L MAG — a partnership between Gilmartin and the principals of L&L Holding, Robert Lapidus and David Levinson — announced its first development, a 22-story, 460 unit residential building in Chelsea.