Office condominium · Long Island City, Queens

24-02 49th Avenue

Long Island City, NY 11101

24-02 49th Avenue is a 7-floor office condominium in Long Island City, Queens, built in 1928, with about 655,000 square feet of office space according to city records.

Also at 49-02 to 49-20 25th Street, 21-66 to 24-02 49th Avenue and 23-01 to 24-01 50th Avenue.

Office space: 655K SF
Floors: 7
Year built: 1928
Zoning: M1-4

Office space next to its nearest neighbors

24-02 49th AvenueThis building655K SF
25-11 49th Avenue3 min walk193K SF
21-02 49th Avenue3 min walk115K SF
21-01 51st Avenue3 min walk46K SF

The 4th largest of the 48 office buildings we track in Long Island City. Compare it with 6 neighbors

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Compared with its neighbors

How 24-02 49th Avenue compares

Next to the 6 nearest large office buildings, all within a 5 minute walk, 24-02 49th Avenue is the largest by office floor area. It went up in 1928; the median neighbor dates from 1923. Its estimated property tax, about $0.96 a square foot of floor area before abatements, is below the neighbors' median of $8.96.

24-02 49th Avenue and the 6 nearest large office buildings: size, floors, year built, estimated property tax per square foot and last sale
Building	Office space	Floors	Built	Tax / SF	Last sale
24-02 49th AvenueThis building	655K SF	7	1928	$0.96	n/a
25-11 49th Avenue3 min walk	193K SF	9	2019	$10.81	Jan 2022, $82.5M
21-02 49th Avenue3 min walk	115K SF	7	1916	$9.15	Mar 2026, $28M
21-01 51st Avenue3 min walk	46K SF	3	1913	$12.96	n/a
25-20 Borden Avenue3 min walk	89K SF	1	1952	$4.96	n/a
21-09 Borden Avenue3 min walk	164K SF	7	1930	$8.78	Dec 2025, $21.5M
47-16 Austell Place5 min walk	50K SF	4	1916	$6.79	Sep 2024, $11M

The 4th largest of the 48 office buildings we track in Long Island City: see the full list

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); ACRIS for the last deed that moved the whole lot for a real price (a price for several lots is their combined price; condominiums sell by the unit and show n/a). 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: 49-02 to 49-20 25th Street; 21-66 to 24-02 49th Avenue; 23-01 to 24-01 50th Avenue
ZIP code: 11101
Building type: Office condominium (city class RB)
Total floor area: 654,962 SF
Commercial floor area: 654,962 SF
Office: 654,962 SF
Height: 7 floors
Average floor: About 93,600 SF (floor area divided by floors)
Year built: 1928
Lot area: 119,700 SF
Zoning district: M1-4
Built FAR: 5.47
Max commercial FAR: 2
Tax lot (BBL): 4000717501

Nearest subway

Hunters Point Av3 min walk · Not accessible
21 St5 min walk · Not accessible
Court Sq7 min walk · Accessible station · connects to Court Sq-23 St

Nearby large buildings

23-30 Borden Avenue54K SF industrial and storage · 5 floors · 3 min walk
47-22 Pearson Place51K SF industrial and storage · 1 floor · 3 min walk
21-07 Borden Avenue54K SF industrial and storage · 6 floors · 4 min walk
47-15 Pearson Place88K SF industrial and storage · 4 floors · 4 min walk
47-61 Pearson Place56K SF industrial and storage · 4 floors · 4 min walk
47-07 Pearson Place60K SF industrial and storage · 4 floors · 4 min walk
11-58 Borden Avenue137K SF industrial and storage · 7 floors · 5 min walk
47-40 21st Street180K SF office · 10 floors · 5 min walk

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

24-02 49th Avenue is a condominium of 5 tax lots with 3 owners of record, none holding half of its market value. For tax year 2026/27 the city values 24-02 49th Avenue at $59.6 million and assesses it at $26.8 million. After phase-ins and exemptions its taxable value is $5.8 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 $629,038 a year before abatements, roughly $0.96 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.

Tax class: Class 4 (commercial and industrial)
City market value: $59,611,000
Land market value: $7,182,000
Assessed value: $26,824,949
Taxable value (phased in): $24,814,856
Exemptions: $19,016,206
Estimated yearly tax: About $629,038
Tax per SF of floor area: About $0.96
Condominium tax lots: 5
Owners of record: 3

City market value by tax year

2022/23$36.5 million
2023/24$37.9 million
2024/25$43.2 million
2025/26$44.1 million
2026/27$59.6 million

Market value rose 63% from 2022/23 ($36.5 million) to 2026/27.

How Long Island City compares: property tax per SF across NYC neighborhoods Estimate this tax bill, or a tenant's share of it How NYC commercial property tax works

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How to find who owns any NYC building

Source: NYC Department of Finance, Property Valuation and Assessment Data (2026/27 roll, summed over 5 condominium tax lots; 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 score, grade and emissions

24-02 49th Avenue reported an ENERGY STAR score of 76 out of 100 for 2024 in its Local Law 84 benchmarking filing. Under Local Law 33 that score earns a B (70 to 84). Its site energy use came to 52.5 kBtu per square foot, 31% below the national median of 76.6 for a similar property. Its greenhouse gas emissions were about 3,078 metric tons of CO2e (4.63 kg per square foot).

ENERGY STAR score (2024): 76 of 100
Grade this score earns (Local Law 33): B (70 to 84)
Property type (Portfolio Manager): Office
Site energy use intensity: 52.5 kBtu/SF
National median for the type: 76.6 kBtu/SF
Greenhouse gas emissions: 3,078 t CO2e
Emissions per SF: 4.63 kg CO2e
Floor area in the filing: 664,669 SF

ENERGY STAR score by year

202269 (C)
202370 (B)
202476 (B)

Energy sources in 2024

Electricity57%
Natural gas43%

Share of the energy used on site, as filed.

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. The grade is the one the filed score earns under the law's cutoffs; the Department of Buildings assigns the grade a building posts, which can differ.

Local Law 97 of 2019, estimated

Local Law 97 emissions limit

Period: 2024 to 2029
Emissions limit: 4,595 t CO2e
Estimated emissions: 2,477 t CO2e
Under the limit by: 2,118 t CO2e
Estimated penalty a year: None

Period: 2030 to 2034
Emissions limit: 1,368 t CO2e
Estimated emissions: 1,642 t CO2e
Over the limit by: 274 t CO2e
Estimated penalty a year: $73,000

Estimated from the owner's 2024 Local Law 84 filing, which reports energy by source and floor area by use: Office 385,674 SF; Distribution Center 275,095 SF; Data Center 3,900 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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NYC Department of Buildings permits

Work permits and build-outs

New jobs, last 12 months: 15
Initial permits, last 12 months: 22
Newest job first permitted: September 2026
Interior build-outs, last 24 months: 7
Floors with interior work, last 24 months: 1 to 6, basement, cellar, mezzanine
Facade and sidewalk jobs, last 24 months: 5
Sidewalk shed permit: Active until Dec 16, 2026

Recent build-outs

Floor 6September 2026Construction; est. $30,000
Floors 5 and 6August 2026Construction; est. $1.4 million
Floors 4 to 6, basement, roofMay 2026Plumbing, Sprinklers; est. $9.2 million
Floors 5 and 6, basement, cellar, roofApril 2026Construction; 2 jobs; est. $60 million
Floors 1 to 6, basement, cellar, roofApril 2026Plumbing, Sprinklers; est. $3.4 million
Floor 1January 2026Construction, Mechanical, Sprinklers, Structural; 3 jobs; est. $3.4 million

The newest 6 of 7 in the last 24 months.

New jobs by year

20215
20220
20231
20241
20250
2026 to date15

Build-outs across Long Island City Where NYC offices are being built out

Source: NYC Department of Buildings, DOB NOW: Build Approved Permits, pulled 2026-10-24 (permits issued through 2026-10-22). A job counts once, when its first permit is issued; renewals are not new work. A build-out groups jobs on the same floors first permitted within 120 days of each other. Costs are the estimates filed with the jobs. Jobs filed before DOB NOW (in the older BIS system) are not counted. A permit is approval to do the work; it does not say who the work is for or whether it is finished.

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Before you sign

Plain-English guides to square footage, rent and lease terms in New York, and free calculators to run your own numbers.

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Questions about 24-02 49th Avenue

How big is 24-02 49th Avenue?

24-02 49th Avenue has about 655,000 square feet of floor area in total, including 655,000 square feet of office, according to NYC PLUTO 26v2. These are the city's estimates for the whole building, not space that is available.

When was 24-02 49th Avenue built?

City records list 1928 as the year built. The building is 7 floors tall.

What other addresses does 24-02 49th Avenue have?

City records list 49-02 to 49-20 25th Street, 21-66 to 24-02 49th Avenue and 23-01 to 24-01 50th Avenue on the same tax lot (BBL 4000717501) as 24-02 49th Avenue. A space listed on Leasemark at any of these addresses shows up on this page.

What is the ZIP code of 24-02 49th Avenue?

24-02 49th 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 24-02 49th Avenue, Long Island City, NY 11101.

What is the zoning at 24-02 49th Avenue?

The lot is in the M1-4 zoning district. PLUTO lists a built floor area ratio (FAR) of 5.47 and a maximum commercial FAR of 2 for this lot.

What subway station is closest to 24-02 49th Avenue?

The closest subway station to 24-02 49th Avenue is Hunters Point Av (the 7 train), about 850 feet away in a straight line, roughly 3 minutes on foot. Also nearby: 21 St (the G train), 5 min walk; Court Sq (the 7, G, E and F trains, connected to Court Sq-23 St), 7 min walk. Walking times are straight-line estimates; the street route is longer.

Who owns 24-02 49th Avenue?

24-02 49th Avenue is a condominium of 5 tax lots with 3 owners of record, none holding half of its market value. That is from the NYC Department of Finance's 2026/27 assessment roll (BBL 4000717501). Deeds and mortgages for each unit are public in ACRIS, the city's property records system.

What is the energy grade of 24-02 49th Avenue?

24-02 49th Avenue reported an ENERGY STAR score of 76 for calendar year 2024 in its Local Law 84 benchmarking filing. Under Local Law 33, as amended by Local Law 95 of 2019, a score of 85 or higher earns an A, 70 to 84 a B, 55 to 69 a C and under 55 a D, so 76 earns a B. The Department of Buildings assigns the grade a building posts, so the posted label can differ if a filing was corrected. Its site energy use came to 52.5 kBtu per square foot, 31% below the national median of 76.6 for a similar property. Its greenhouse gas emissions were about 3,078 metric tons of CO2e (4.63 kg per square foot).

Does 24-02 49th Avenue meet Local Law 97?

At its 2024 energy use, 24-02 49th Avenue comes to about 2,477 metric tons of CO2e a year under Local Law 97's coefficients, against a limit of 4,595 tons for 2024 to 2029 (54% of the limit), so it would owe no penalty. From 2030 the limit drops to 1,368 tons and the same energy use counts as about 1,642 tons, about 274 tons over, or an estimated $73,000 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.

Is there construction at 24-02 49th Avenue?

In the 12 months to October 2026, the Department of Buildings issued first permits for 15 jobs at 24-02 49th Avenue. In the last two years, interior work was permitted on 6 floors (floors 1 to 6, the basement, the cellar and the mezzanine). The newest build-out, on floor 6, was first permitted in September 2026 (construction; filed cost estimate $30,000). A sidewalk shed permit here is active until December 16, 2026. These are the Department of Buildings' DOB NOW work permits for tax lot 4000717501. A permit is approval to do the work; it does not say who the work is for or whether it is finished.

What are the property taxes at 24-02 49th Avenue?

The Department of Finance's 2026/27 assessment roll lists a taxable value of $5.8 million for 24-02 49th Avenue (the sum of its 5 condominium tax lots). At the Class 4 rate of 10.848% (tax year 2025/26, the latest rate the Department of Finance lists), that is about $629,038 a year, roughly $0.96 per square foot of floor area, before abatements such as ICAP. The city's property tax records for BBL 4000717501 show the actual bill.

What is the assessed value of 24-02 49th Avenue?

For tax year 2026/27, the NYC Department of Finance puts the market value of 24-02 49th Avenue at $59.6 million ($7.18 million of it land) and its assessed value at $26.8 million, the 45% of market value the city assesses for Class 4 property. The city's market value rose 63% from 2022/23 ($36.5 million) to 2026/27.

Is there office space for lease at 24-02 49th Avenue?

No space at 24-02 49th 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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