
Queens, NY Entrepreneur Properties sold 37-29 31 St. in Long Island City for $13.3 million.
Currently a vacant lot, the 100 ft. x 180.65 ft. lot footprint has approved plans for a 71,000 s/f mixed-use building containing 74 apartments, 7,800 s/f of retail and 10,000 s/f of private parking below grade.
Mo Ibrahim, a sales agent at Entrepreneur Properties, represented the seller, 166 Manhattan Cm LLC. The Chen Family was the buyer.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,