
Corner Site in Long Island City Fetches $10M
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.
- ◦Sale/Acquisition
- ◦Development