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Brax Realty Arranges Deal for Long Island City Parcel

Brax Realty arranged the sale of a prime development site in Long Island City for $8,400,000, or $350 per buildable square foot. The transaction was brokered by Brax’s Michael Ferrara and Cole Kinney Leonhardt. Buyer and seller were not disclosed.

The property is a 12,000-square-foot lot with two vacant commercial buildings, located near the 7 and G subway trains with convenient access to Manhattan, Brooklyn and Queens. It’s currently zoned to allow up to 24,000 square feet of residential use.

“This sale underscores the continued appeal of Long Island City as a premier destination for residential development,” said Ferrara.

Added Kinney Leonhardt, “Long Island City continues to attract visionary developers, and we’re excited to contribute to the neighborhood’s ongoing transformation.”

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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).

  • ◦Sale/Acquisition
  • ◦Development
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