Brax Realty managing principal Michael Ferrara and investment sales associate Cole Kinney Leonhardt closed on the sale of 23-17 41st Ave. in Long Island City for $10,370,000. The property is situated on the northwest corner of 41st Avenue and 24th Street and located just one block north of the Queensboro Bridge.
Ferrara and Kinney Leonhardt represented the seller, a long-term private owner, and also procured the buyer, Jasper Wu. This was the first time that the site has changed hands since 1979.
The property has a lot size of 10,000 square feet, with 200’ of wraparound frontage, and a total of 40,8000 buildable square feet is allowed under current zoning. It’s improved by an existing two-story warehouse in shell condition. The buyer plans to develop a residential building on the corner site.
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).
CRE courses for CE credits
Get CE course credits, centered around all things CRE. View our courses today!