Marcus & Millichap arranges the sale of a 3500 s/f of land for $1.7 million

LONG ISLAND CITY, NY Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, arranged the sale of 3500 s/f of land, according to J.D. Parker, regional manager of the firm's Manhattan office. The asset sold for $1.7 million. Wook Chung, an investment specialist in Marcus & Millichap's Manhattan office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private developer, was also secured and represented by Mr. Chung. The parcel is located at 37-10 11th Street. The property is located on a hard corner at the intersection of 11th Street and 37th Avenue, a feature that proved to spark the interest of a number of serious buyers. "This property was acquired for development, which is the best and most frequent form of use for similar properties," said Chung. "That will be the case for most properties trading in Long Island City going forward for many years to come."