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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.”

For comments, questions or concerns, please contact Paul Bubny

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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).

  • ◦Development
  • ◦Sale/Acquisition