SMOKIN’ CONDOS
By Lois Weiss
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Wednesday, March 09, 2005 -
In a smokin’ deal for the Long Island City waterfront, CGS Developers of Brooklyn have completed its deal for the blighted Smokestacks Building for $12 million from the Dolgin Family.
The former Penn Central Railroad power plan at 50-09 Second St. was used from 1898 until 1950 when it was sold to a plumbing supplier and the Schwartz Chemical Co. The Dolgin family bought the 100,000 square foot property in 2003. While the brick plant and its arched windows overlooking the East River and Manhattan skyline attracted a variety of potential users, they left it fallow while the city worked its plan for the nearby Olympic Village. Neil, Josh and Kalmon Dolgin of Kalmon Dolgin Affiliates represented both sides in the sale.
The developers have already hired Brooklyn architect Karl Fischer who is planning a game room, gym, 40-seat Movie Theater, 400 condos, and other amenities. It is still unclear if the 275-foot smokestacks will stay or go, depending on their condition.
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