Marcus & Millichap Closes Sale of Court Square Development Site
Marcus & Millichap closed the $9.75-million sale of 42-81 Hunter St., a development site in the Court Square neighborhood of Long Island City, Queens. David Cornejo, Shaun Riney and Sean Fopeano of Marcus & Millichap’s New York City office, represented the seller, Werwaiss Properties, and procured the buyer, BS Northern Realty LLC.
“By leveraging real-time market intelligence, our team was able to exceed ownership’s original pricing expectations,” said Cornejo. “Our strategic and competitive marketing process resulted in more than 14 written offers, the simultaneous issuance of four contracts to the most competitive bidders, and a sale price achieved within 98% of the original asking price. The sale price equated to $390 per buildable square foot.”
Built in 1941, the property sits on a roughly 5,000-square-foot lot measuring about 50 feet by 100 feet and allows for approximately 25,000 to 30,000 square feet of residential or mixed-use development. Its location offers access to seven subway lines. The buyer plans to develop approximately 36 condominium apartments.
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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
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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