New York & Tri-State + Outer + Retail | March 2, 2023

Avison Young Arranges Five-Lot Sale in Long Island City

Avison Young arranged the sale of a property comprising of five continuous lots at 32-43 49th St. in Long Island City to an LLC for $22 million. The assemblage, a two-story 15,700-square-foot retail building, a 10,000-square-foot warehouse, and three parking lots cover more than 53,000 square feet. Current zoning allows for more than 69,000 buildable square feet.

The seller, Local 807 Labor-Management Pension Fund, was represented by the New York-based team of Erik Edeen, Brent Glodowski, Fritz Richter and Kate Kabili. Will Suarez, principal, located in Avison Young’s Norwalk, CT office, was also on the team. Avison Young represented both sides of the transaction.

“It’s no secret that Long Island City has benefited from a surge of redevelopment in recent years,” said Edeen. “Given this surge, we were confident that this property would be claimed quickly and are glad to see the continued interest in the prime Astoria submarket.”

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Avison Young's Edeen

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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).

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