Marcus & Millichap closes $6.1m sale of Queens redevelopment site

Queens, NY Marcus & Millichap negotiated the sale of 49-03 Fifth St., a redevelopment site in Long Island City. The asset sold for $6.1 million.

“The depth of the buyer pool in Long Island City is as strong as we have seen it,” said Sean Fopeano in Marcus & Millichap’s New York City office. “Developers remain extremely bullish on both the condo and rental markets. That confidence, combined with a limited number of remaining sites, continues to push land pricing to all-time highs.”

Fopeano, Shaun Riney and David Cornejo of Marcus & Millichap exclusively marketed the property on behalf of the private family seller, and procured the buyer, a local developer.

The property is a single commercial unit on a .11-acre lot featuring 10,000 s/f of unused air rights. It is situated within an M1-4/R6A zoning district, offering redevelopment opportunities in a mixed-use district.

The building is close to Gantry Plaza State Park, the East River and Hunter’s Point, near I-495 and the Long Island City Train Station.