News:
Brokerage
Posted: August 3, 2021
Nassimian of Highcap Group closes development site sale: $6.175 million
Queens, NY Rodney Nassimian, investment sales associate at Highcap Group LLC, completed the sale of a development site located at 28-12 41st Ave. in the Queens Plaza North subdistrict of Long Island City.
The property is one block from the Queensboro Bridge sits on a 50 x 100 s/f lot zoned M1-5/R7-3, which allows for 25,000 buildable s/f. It was family-owned for over 40 years and the first sale since the 1980s. Nassimian of Highcap Group was able to negotiate the sale with a buyer who is active in the LIC market and reached the seller’s target price within a week.
The sales price was $6.175 million, equating to $247/buildable s/f. This was a competitive price to achieve in the current state of the market.
Tags:
Brokerage
MORE FROM Brokerage
SoHo emerges as America’s most active trophy retail market as investors prioritize quality, Adirondack Capital Partners finds
Manhattan, NY Investors are increasingly concentrating capital in the country’s most coveted retail corridors, with SoHo emerging as the nation’s most active trophy retail market,
Quick Hits
Columns and Thought Leadership
A fresh start - by Shallini Mehra and Amit Doshi
For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman
July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian
There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver
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,
