LIC Parcel Trades to Developer at Full Price
Marcus & Millichap has closed the sale of 28-04 41st Ave., a development site in Long Island City, for $9,375,000. Sean Fopeano, Shaun Riney, Joe Koicim and David Cornejo of Marcus & Millichap’s NYM Group represented the seller, a private family, and procured the buyer, Jade Century Properties.
“Through a highly competitive marketing process, we drove pricing to achieve the full asking price for our client,” said Fopeano. “This outcome reflects the strong demand we are seeing for well-located development sites throughout Queens.”
The property is located just north of Queens Plaza in Long Island City on a 5,000-square-foot corner lot. Zoned M1-5/R7-3 within the Special Long Island City Mixed-Use District, the site allows for approximately 25,000 to 30,000 buildable square feet, supporting residential, commercial or mixed-use development. It is within walking distance of Court Square and Queensboro Plaza, offering direct access to Midtown Manhattan via mass transit.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout