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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.
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