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$200-Per-Buildable-SF for Land in Long Island City
The Vorea Group paid $21.65 million for a site that would allow the development of 108,000 square feet of residential and commercial space at 45-57 Davis St. in the Long Island City neighborhood of Queens.
That works out to a price of $200 per buildable square foot. The 21,600-square-foot site is directly across from Five Pointz, a giant residential development now underway.
“The purchase presents a tremendous opportunity to capitalize on the growing demand for multiple asset classes in Long Island City,” said Stephen R. Preuss of Cushman & Wakefield, which represented the seller, 45-57 Realty Corp., in the transaction.
For comments, questions or concerns, please contact our New York commercial real estate editor Bendix Anderson
- ◦Development
- ◦Sale/Acquisition
