The Feldman family’s Circle F Capital is in contract to buy a Long Island City development site just a block away from MoMA PS1 and the 5Pointz project for nearly $25 million, sources told The Real Deal.
The NoMad-based family office led by Gary and David Feldman is planning a 10- or 11-story mixed-use building with residential condominium units and a 25,000-square-foot retail component. The firm is yet to file plans with the New York state attorney general’s office.
The site at 22-43 Jackson Avenue is home to a one-story, 6,400-square-foot building and offers about 76,000 buildable square feet, property records show. The seller, a local affiliate of the International Brotherhood of Teamsters labor union, owned and occupied the property as the headquarters of the local 808 pension and health fund union for more than 20 years, records show.
The deal is expected to close for about $330 per buildable square foot.
A Pinnacle Realty team led by David Junik, Decio Baio and Gary Blum brokered the deal.
The building’s alternate addresses are 22-25 Jackson Avenue and 45-60 23rd Street.
Circle F’s holdings, in partnership with other firms, include 400 West 14th Street in the Meatpacking District and 301 West 125th Street — home to the Gaslight Lounge and a Party City outpost, respectively.