Marcus & Millichap brokers $9.75 million sale of development site in Long Island City

Queens, NY Marcus & Millichap negotiated the $9.75 million sale of 42-81 Hunter St., a development site in the Court Square neighborhood of Long Island City.

“By leveraging real-time market intelligence, our team was able to exceed ownership’s original pricing expectations,” said David Cornejo of Marcus & Millichap. “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 s/f.”

Cornejo, along with 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.

Built in 1941, the property is on a 5,000 s/f lot measuring about 50-ft.by 100-ft. and allows for 25,000 to 30,000 s/f of residential or mixed-use development.

The buyer plans to develop 36 condominium apartments. In this pocket of Court Sq., condominium sales typically range from $1,500 to $1,800 per s/f, depending on building amenities. The property is near the Court Square and Queens Plaza subway stations, offering access to the E, M, G, N, R, W and 7 lines.