【NYC Real Estate】CW Realty Secures $9.7M 99-Year Ground Lease in Long Island City’s Court Square
- ARCFE U.S.
- Jun 28
- 2 min read
Updated: 6 days ago
According to the latest reports from the New York Business Journal, prominent developer CW Realty, led by Cheskie Weisz, has finalized a $9.7 million, 99-year ground lease for the prime development site located at 21-02 44th Drive in Long Island City’s Court Square neighborhood . The parcel spans 48,240 square feet and is projected to come online by 2028 .
Long Island City (LIC) continues to solidify its status as New York City's fastest-growing residential hub. CW Realty's substantial long-term commitment further demonstrates institutional confidence in the neighborhood's sustained demand for premium multifamily housing.
The leased site is situated immediately adjacent to the massive active development at 24-19 Jackson Avenue . Designed by the world-renowned architecture firm FXCollaborative, that neighboring project will rise 55 stories and deliver 636 high-end residences to the Court Square skyline . Recent zoning updates and construction permits tracked by the NYC Department of Buildings (DOB) reveal a broader trend of density expansion in the area, establishing Court Square as a premier transit-oriented district .
This landmark transaction highlights the enduring appeal of Long Island City for developers and investors alike, proving that the submarket's land values and development pipeline remain exceptionally robust heading into the latter half of 2026.
Source: New York Business Journal
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