Marcus & Millichap brokers sale of Long Island City development site for $9.38 million
Queens, NY Marcus & Millichap brokered the sale of 28-04 41st Ave., a development site in Long Island City for $9.375 million.
“Through a highly competitive marketing process, we drove pricing to achieve the full asking price for our client,” said Sean Fopeano of the NYM Group of Marcus & Millichap in the firm’s New York City office. “This outcome reflects the strong demand we are seeing for well-located development sites throughout Queens.”
Fopeano, Shaun Riney, Joe Koicim, and David Cornejo of Marcus & Millichap represented the seller, a private family, and procured the buyer, Jade Century Properties.
The property is located north of Queens Plaza on a 5,000 s/f corner lot. Zoned M1-5/R7-3 within the Special Long Island City Mixed-Use District, the site allows for 25,000 to 30,000 buildable s/f, supporting residential, commercial or mixed-use development.
It is within walking distance of Court Square and Queensboro Plaza, offering access to Midtown Manhattan. The surrounding area includes a mix of high-rise residential towers, office buildings and neighborhood retail.