Ustoyev of EPIC Commercial sells Queens development site for $3.25 million

Queens, NY EPIC Commercial Realty has completed the sale of 38-41 and 38-43 12^th St., a development site in Long Island City.

The property sold for $3.25 million. Yuriy Ustoyev, investment sales associate at EPIC, represented the seller and the buyer.

Located on 12^th St., between 38^th and 40^th Aves., the property is comprised of two contiguous vacant lots with approved plans for a 78-key hotel. 

According Ustoyev, “With many hotel projects coming up in the area, this was a unique opportunity for the buyer to capitalize on a site that was delivered with approved plans.”

Since rezoned for large-scale, mixed-use development projects in 2001, Long Island City has achieved expansive growth in terms of its unprecedented hotel development. Being one of the fastest-growing markets in the region, the neighborhood’s hotel demand is expected to increase given its proximity to Manhattan’s tourism market and the growing demand for hospitality of New York City. Commute from the neighborhood into Manhattan via 7, F, N, or Q trains is within 15 minutes to Midtown and 35 minutes to Financial District. It also boasts easy access to Long Island Expressway.