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New York & Tri-State  + Outer  + Apartments  | 
development site 25-01 Queens Plaza North Long Island City

NC-Based Developer Comes to Long Island City for First NYC Deal

CBRE has completed the sale of a development site at 25-01 Queens Plaza North in Long Island City. North Carolina-based Grubb Properties acquired the approximately 54,000-square-foot property from a private real estate family consisting of Estia Realty LLC, Vadiel Properties LLC and VI Properties LLC for $63 million.  
 
Dan Kaplan and Elli Klapper of CBRE spearheaded the marketing campaign for the property and represented the seller in negotiations.  
 
“The acquisition of the property, through its 2021 Opportunity Zone Fund, marks Grubb Properties’ first purchase in the New York City area,” said Kaplan. “The firm plans to develop a 17-story residential property featuring 317 units and 9,000 square feet of retail space.”  
 
Frank Fusaro of Handel Architects is the architect of record on the Grubb project. Demolition permits for the existing two-story building on the site, near the Queensboro Plaza subway station, were filed in May.

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CBRE’s KaplanCBRE’s Klapper

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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