Avison Young arranges five lot $22 million sale of development site

Long Island City, NY Avison Young has arranged the sale of a property comprising of five continuous lots at 32-43 49^th St. to an LLC for $22 million. The assemblage, a two-story 15,700 s/f retail building, a 10,000 s/f warehouse, and three parking lots cover more than 53,000 s/f. Current zoning allows for more than 69,000 buildable s/f.

The seller, Local 807 Labor-Management Pension Fund was exclusively represented by Erik Edeen, principal and director of tri-state investment sales operations; Brent Glodowski, director; Fritz Richter, associate director; and Kate Kabili, associate director, all of whom operate primarily from the firm’s New York City office. Will Suarez, principal, located in Avison Young’s Norwalk, Conn. office, was also on the team. Avison Young represented both sides of the transaction.

“It’s no secret that Long Island City has benefited from a surge of redevelopment in recent years,” said Edeen. “Given this surge, we were confident that this property would be claimed quickly and are glad to see the continued interest in the prime Astoria submarket.”