Factory and industrial building · Long Island City, Queens
21-02 40th Avenue
Long Island City, NY 11101
21-02 40th Avenue is a 6-floor factory and industrial building in Long Island City, Queens, built in 1912, with about 52,000 square feet of industrial and storage space according to city records.
Also at 40-01 to 40-05 21st Street and 21-02 to 21-16 40th Avenue.
- Industrial and storage space
- 52K SF
- Floors
- 6
- Year built
- 1912
- Zoning
- M1-5A
The 61st largest of the 102 industrial and storage buildings we track in Long Island City. Compare it with 6 neighbors
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Compared with its neighbors
How 21-02 40th Avenue compares
Next to the 6 nearest large industrial and storage buildings, all within a 1 minute walk, 21-02 40th Avenue ranks 3rd of 7 by industrial and storage floor area. It went up in 1912; the median neighbor dates from 1913. Its estimated property tax, about $2.37 a square foot of floor area before abatements, is below the neighbors' median of $3.55.
| Building | Industrial and storage space | Floors | Built | Tax / SF |
|---|---|---|---|---|
| 21-02 40th Avenue | 52K SF | 6 | 1912 | $2.37 |
| 21-22 40th Avenue | 44K SF | 6 | 1911 | $2.91 |
| 40-18 22nd Street | 51K SF | 5 | 1915 | $3.70 |
| 40-24 22nd Street | 49K SF | 5 | 1913 | $2.42 |
| 21-05 41st Avenue | 91K SF | 5 | 1913 | $3.40 |
| 40-36 22nd Street | 81K SF | 5 | 1913 | $4.61 |
| 4031 22nd Street | 45K SF | 3 | 1922 | $5.85 |
Sources: NYC Department of City Planning, PLUTO 26v2 for size, floors and year built; NYC Department of Finance 2026/27 roll for tax (taxable value times the class rate, before abatements, over the whole floor area). Large means at least 35,000 SF of the building's main use. Walking times are straight-line estimates.
NYC tax lot records
Building facts
- Other addresses
- 40-01 to 40-05 21st Street; 21-02 to 21-16 40th Avenue
- ZIP code
- 11101
- Building type
- Factory and industrial building (city class F1)
- Total floor area
- 52,000 SF
- Commercial floor area
- 52,000 SF
- Industrial and storage
- 52,000 SF
- Height
- 6 floors
- Average floor
- About 8,700 SF (floor area divided by floors)
- Year built
- 1912
- Lot area
- 13,000 SF
- Zoning district
- M1-5A
- Built FAR
- 4
- Max commercial FAR
- 5
- Tax lot (BBL)
- 4004100019
Nearest subway
- 21 St-Queensbridge
- Queensboro Plaza
- Queens Plaza
Source: NYC Department of City Planning, PLUTO 26v2, pulled 2026-10-16; addresses from the Property Address Directory (PAD) 26b; subway stations from the MTA Subway Stations dataset, pulled 2026-10-16. Floor areas are the city's estimates for the whole building, not available space. Walking times are straight-line estimates. How we build these pages. Something wrong on this page? Tell us.
NYC Department of Finance records
Owner, property tax and assessed value
The Department of Finance lists 40-21 CORNERS, LLC as the owner of record. For tax year 2026/27 the city values 21-02 40th Avenue at $3.05 million and assesses it at $1.37 million. After phase-ins and exemptions its taxable value is $1.14 million; at the Class 4 rate of 10.848% (tax year 2025/26, the latest rate the Department of Finance lists) that comes to about $123,173 a year before abatements, roughly $2.37 per square foot of floor area. Commercial leases here often pass a tenant's share of tax increases over a base year through as additional rent.
- Owner of record
- 40-21 CORNERS, LLC
- Tax class
- Class 4 (commercial and industrial)
- City market value
- $3,048,000
- Land market value
- $975,000
- Assessed value
- $1,371,600
- Taxable value (phased in)
- $1,135,440
- Estimated yearly tax
- About $123,173
- Tax per SF of floor area
- About $2.37
City market value by tax year
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How to find who owns any NYC buildingSource: NYC Department of Finance, Property Valuation and Assessment Data (2026/27 roll; owner names as the roll records them, which cuts some long names short), pulled 2026-10-16; tax rate from the Department of Finance tax rates page, checked 2026-09-28. The estimate is the taxable value times the class rate. It leaves out abatements, payment-in-lieu-of-taxes agreements and charges, so the actual bill can differ.
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NYC energy benchmarking (Local Law 84)
Energy use and emissions
21-02 40th Avenue's 2024 Local Law 84 benchmarking filing got no ENERGY STAR score (no single use that ENERGY STAR scores covers more than half of the floor area), and Local Law 33 letter grades come from that score, so the filing does not yield an A to D grade. Its site energy use came to 99.4 kBtu per square foot. Its greenhouse gas emissions were about 517 metric tons of CO2e (9.94 kg per square foot).
- ENERGY STAR score (2024)
- None given
- Property type (Portfolio Manager)
- Manufacturing/Industrial Plant
- Site energy use intensity
- 99.4 kBtu/SF
- Greenhouse gas emissions
- 517 t CO2e
- Emissions per SF
- 9.94 kg CO2e
- Floor area in the filing
- 52,000 SF
Energy sources in 2024
Source: NYC Department of Buildings and Mayor's Office of Climate and Environmental Justice, NYC Building Energy and Water Data Disclosure for Local Law 84 (2024 filing), pulled 2026-10-16; grade cutoffs from the Department of Buildings energy grades page. Figures are as the owner filed them in ENERGY STAR Portfolio Manager.
Local Law 97 of 2019, estimated
Local Law 97 emissions limit
At its 2024 energy use, 21-02 40th Avenue comes to about 398 metric tons of CO2e a year under Local Law 97's coefficients, against a limit of 394 tons for 2024 to 2029: about 4 tons over, an estimated penalty of $1,000 a year. From 2030 the limit drops to 74 tons and the same energy use counts as about 233 tons, about 159 tons over, or an estimated $43,000 a year unless the building cuts its emissions.
- Period
- 2024 to 2029
- Emissions limit
- 394 t CO2e
- Estimated emissions
- 398 t CO2e
- Over the limit by
- 4 t CO2e
- Estimated penalty a year
- $1,000
- Period
- 2030 to 2034
- Emissions limit
- 74 t CO2e
- Estimated emissions
- 233 t CO2e
- Over the limit by
- 159 t CO2e
- Estimated penalty a year
- $43,000
Estimated from the owner's 2024 Local Law 84 filing, which reports energy by source and floor area by use: Manufacturing/Industrial Plant 52,000 SF. It applies the coefficients and per-use limits in Department of Buildings rule 1 RCNY 103-14 and Administrative Code 28-320.3.1.1 (as the Department lists them) and the $268 per ton penalty, checked 2026-10-04. It is not the building's Local Law 97 report: that report can count renewable energy credits, solar and storage deductions and, for 2024 and 2025, the law's occupancy group limits where higher, and penalties can be reduced for good faith efforts.
Change these numbers in the Local Law 97 calculator to see what a cut in energy use would do to the penalty.
How Local Law 97 works: who is covered, the 2030 limits and what owners, tenants and buyers should check.
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Questions about 21-02 40th Avenue
How big is 21-02 40th Avenue?
21-02 40th Avenue has about 52,000 square feet of floor area in total, including 52,000 square feet of industrial and storage space, according to NYC PLUTO 26v2. These are the city's estimates for the whole building, not space that is available.
When was 21-02 40th Avenue built?
City records list 1912 as the year built. The building is 6 floors tall.
What other addresses does 21-02 40th Avenue have?
City records list 40-01 to 40-05 21st Street and 21-02 to 21-16 40th Avenue on the same tax lot (BBL 4004100019) as 21-02 40th Avenue. A space listed on Leasemark at any of these addresses shows up on this page.
What is the ZIP code of 21-02 40th Avenue?
21-02 40th Avenue is in ZIP code 11101, according to the city's tax lot records (NYC PLUTO 26v2) and the Department of Finance's assessment roll. The full mailing address is 21-02 40th Avenue, Long Island City, NY 11101.
What is the zoning at 21-02 40th Avenue?
The lot is in the M1-5A zoning district. PLUTO lists a built floor area ratio (FAR) of 4 and a maximum commercial FAR of 5 for this lot.
What subway station is closest to 21-02 40th Avenue?
The closest subway station to 21-02 40th Avenue is 21 St-Queensbridge (the M train), about 550 feet away in a straight line, roughly 2 minutes on foot. The MTA lists it as an accessible station. Also nearby: Queensboro Plaza (the 7, N and W trains), 6 min walk; Queens Plaza (the E, F and R trains), 9 min walk. Walking times are straight-line estimates; the street route is longer.
Who owns 21-02 40th Avenue?
The NYC Department of Finance's 2026/27 assessment roll lists 40-21 CORNERS, LLC as the owner of record of 21-02 40th Avenue (BBL 4004100019). Big buildings are usually held through a company set up for that one property, so the name on the roll can differ from the landlord's brand or the managing agent. Deeds and mortgages for the lot are public in ACRIS, the city's property records system.
Does 21-02 40th Avenue have an energy grade?
21-02 40th Avenue's 2024 Local Law 84 benchmarking filing got no ENERGY STAR score (no single use that ENERGY STAR scores covers more than half of the floor area), and Local Law 33 letter grades come from that score, so the filing does not yield an A to D grade. Its site energy use came to 99.4 kBtu per square foot. Its greenhouse gas emissions were about 517 metric tons of CO2e (9.94 kg per square foot).
Does 21-02 40th Avenue meet Local Law 97?
At its 2024 energy use, 21-02 40th Avenue comes to about 398 metric tons of CO2e a year under Local Law 97's coefficients, against a limit of 394 tons for 2024 to 2029: about 4 tons over, an estimated penalty of $1,000 a year. From 2030 the limit drops to 74 tons and the same energy use counts as about 233 tons, about 159 tons over, or an estimated $43,000 a year unless the building cuts its emissions. This is an estimate from the owner's 2024 benchmarking filing using the coefficients and per-use limits in the law and the Department of Buildings rule, at $268 per ton over. It is not the building's Local Law 97 report, which can count credits and deductions this estimate cannot.
What are the property taxes at 21-02 40th Avenue?
The Department of Finance's 2026/27 assessment roll lists a taxable value of $1.14 million for 21-02 40th Avenue. At the Class 4 rate of 10.848% (tax year 2025/26, the latest rate the Department of Finance lists), that is about $123,173 a year, roughly $2.37 per square foot of floor area, before abatements such as ICAP. The city's property tax records for BBL 4004100019 show the actual bill.
What is the assessed value of 21-02 40th Avenue?
For tax year 2026/27, the NYC Department of Finance puts the market value of 21-02 40th Avenue at $3.05 million ($975,000 of it land) and its assessed value at $1.37 million, the 45% of market value the city assesses for Class 4 property. The city's market value rose 29% from 2022/23 ($2.37 million) to 2026/27.
Is there industrial and storage space for lease at 21-02 40th Avenue?
No space at 21-02 40th Avenue is listed on Leasemark right now. Owners and brokers can list space here for free, and tenants can post a requirement to be matched when space opens up.
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