Kinney Leonhardt of Brax Realty brokers $10.2 million development site in Long Island City

Long Island City, NY Brax Realty has completed the successful sale of a development site located at 42-73 and 42-71 Hunter Street for $10.2 million, equating to approximately $410 per buildable s/f – a record price for the area.

The transaction was brokered by Cole Kinney Leonhardt of Brax Realty, who represented both the buyer and the seller in the sale. This transaction marks Leonhardt’s third development site sale in Long Island City, further underscoring his deep market knowledge and active presence in the submarket.

The site is located on Hunter Street between 42nd Rd. and 43rd Rd., one of Long Island City’s most desirable and rapidly evolving corridors. Zoned M1-5/R7-3, the property allows for the development of approximately 24,885 buildable s/f of residential space. The site benefits from a 50-ft. width.

“This transaction highlights the continued demand for well-located development opportunities in Long Island City,” said Cole Kinney Leonhardt of Brax Realty. “Sites with strong zoning fundamentals, clean footprints, and proximity to transportation and amenities continue to command premium pricing.”

Long Island City remains one of New York City’s most active development markets, supported by strong residential demand, ongoing infrastructure investment, and close proximity to Midtown Manhattan.