Development Site Trades in Long Island City
Newmark Knight Frank arranged the $40-million sale of 24-02 Queens Plaza South in Long Island City. The firm represented both seller and buyer of the development site.
Vice chairman Brian Ezratty and Scott Ellard represented the seller, Atlas Capital Group. Managing director Bill Harvey represented the purchaser who, upon expiration of the existing tenant’s lease term, plans a 270,000-rentable-square-foot commercial facility.
Along with the usual challenges of completing a sizeable investment sale, this deal faced the complications of doing business during a global pandemic. In addition to the impact on the debt and equity markets, “getting through due diligence was an additional hurdle, given the government’s restrictions for on-site tours and inspections in recent months,” said Ezratty. “When both buyer and seller demonstrate patience and perseverance as they did here, properties can and will still trade hands to the mutual benefit of all concerned.”
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- ◦Development
- ◦Sale/Acquisition