Developer pays $12 for Smokestacks building.In a transaction valued at $12 million, Kalmon Dolgin Affiliates Inc. has arranged the sale of 5009 Second Street in Long Island City, Queens Long Island City (often abbreviated L.I.C.) is the western-most neighborhood of the borough of Queens in New York City. It is bounded on the north and west by the East River; on the east by Hazen Street, 49th Street to a private developer who plans to redevelop re·de·vel·op v. re·de·vel·oped, re·de·vel·op·ing, re·de·vel·ops v.tr. 1. To develop (something) again. 2. the property for residential use. The property, a former Penn Central Railroad power plant known locally as "the Smokestacks Building," has been a defining mark on Queens' East River waterfront skyline--directly across from Midtown mid·town n. A central portion of a city, between uptown and downtown. midtown Noun US & Canad the centre of a town Manhattan--since 1898. The building is located at the heart of a tract of land upon which the proposed 2012 Summer Olympic Village Frequently, an Olympic Village is built within an Olympic Park or elsewhere in a host city. Olympic Villages are built to house all participating athletes, as well as officials, trainers, etc. The idea of the Olympic Village comes from Pierre de Coubertin. would be erected. The building remained an active power plant until 1950, when the generating machinery was removed from the premises and the property was sold to a plumbing supply company. In 2003, a small group of investors formed by the Dolgin Family acquired the vacant industrial building. Neil Dolgin, executive vice president of Kalmon Dolgin Affiliates, said "At the time, we were unsure as to the ultimate use or disposition of the complex. The nearly 100,000 s/f building had been vacant for a long, long time." However, an integrated marketing approach using all of the divisions of Kalmon Dolgin Affiliates organization, including brokerage, appraisal, construction analysis and management, led to a flood of interest from many different potential users. Mr. Dolgin added, "We received interest from movie and television studios, apartment converters and builders, museums and other parties who were placing bets on its future value based on the property's location, views, vast potential and the possibility of the 2012 Olympics coming here." In the transaction, Kalmon, Neil and Josh Dolgin Josh Dolgin, aka Socalled, is a Canadian rapper and producer, known for his eclectic mix of hip hop, klezmer and other styles, for example drum & bass and other types of folk music. He worked together with artists such as C-Rayz Walz, Chilly Gonzales, Fred Wesley and Sophie Solomon. represented both the seller and the buyer. "The building as it is currently configured makes the property suitable for a wide variety of uses," said Neil Dolgin. "The building offers superb views of the Manhattan skyline, and is less than a block away from the Midtown water taxi water taxi n. A ferryboat that takes passengers to a variety of possible destinations instead of operating over a fixed route. ." Other nearby residential high-rise buildings high-rise building Multistory building taller than the maximum height people are willing to walk up, thus requiring vertical mechanical transportation. The introduction of safe passenger elevators made practical the erection of buildings more than four or five stories tall. include the Avalon, Citylights, and another new tower being developed by Rockrose. Kalmon Dolgin, president of the company, added "Our initial acquisition of the property is representative of the way in which the talents of this company combine to ferret out opportunities where others see only rubble." |
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