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New York & Tri-State  + Outer  + Opportunity Zones  | 
2-33 50th Ave Long Island City development site Opportunity Zone

JLL Arranges $89M Sale of Long Island City Site

JLL Capital Markets completed the $88.5-million sale of a development site and arranged equity capitalization for the site acquisition and project development within an Opportunity Zone at 2-33 50th Ave. in Queens’ Long Island City neighborhood. A team of Bob Knakal, Stephen Palmese, Brendan Maddigan and Jonathan Hageman worked on behalf of the seller, a private property owner.  

Additionally, JLL’s Christopher Peck, Andrew Scandalios, Rob Hinckley, Jeff Julien and Nicco Lupo arranged the joint venture equity partnership on behalf of the developers, The Domain Companies, L+M Development Partners and The Vorea Group, for the land acquisition and project development. Bridge Investment Group provided the LP equity. 

“The site presented Long Island City’s best rental residential development opportunity in a neighborhood ready to transcend its existing rental product,” said Knakal. “A rental property is positioned to achieve record pricing for the borough, as the site benefits from proximity to mass transit and other neighborhood amenities.” 

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Inside The Story

JLL's Knakal

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).

  • ◦Sale/Acquisition