A new phosphorescent cyclometalated heteroleptic iridium (III) complex with an ancillary ligand of 4-azacrownpicolinate was prepared and its metal ion selective phosphorescent chemosensing behavior was investigated. The new iridium (III) complex exhibits notable phosphorescence quenching for Hg2+ in aqueous 50% acetonitrile solution with respect to the selective phosphorescent detection of various metal ions including $Li^+,Na^+,K^+,Cs^+,Mg^{2+},Ca^{2+},Ba^{2+},Fe^{2+},Ni^{2+},Cu^{2+},Zn^{2+},Ag^+,Pb^{2+},Cd^{2+},Cr^{2+},Cr^{3+}$ and $Hg^{2+}$. The phosphorescence quenching for $Hg^{2+}$ increased linearly with increasing concentration of $Hg^{2+}$ in the range of $10{mu}M-700{mu}M$ even in the presence of other metal ions, except for $Cu^{2+}$. Consequently, the new iridium (III) complex has the potential to be utilized for the determination of parts per million levels of $Hg^{2+}$ in aqueous acetonitrile media.