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New York & Tri-State  + Outer Boroughs  + Apartments  | 

Long Island City Redevelopment Site Trades to Queens Developer

Marcus & Millichap recently closed the sale of 49-03 Fifth St., a redevelopment site in Long Island City. The asset sold for $6.1 million.

“The depth of the buyer pool in Long Island City is as strong as we have seen it,” said Sean Fopeano in Marcus & Millichap’s New York City office. “Developers remain extremely bullish on both the condo and rental markets. That confidence, combined with a limited number of remaining sites, continues to push land pricing to all-time highs.”

Fopeano, Shaun Riney and David Cornejo of Marcus & Millichap marketed the property on behalf of the private family seller. They also procured the buyer, a Queens developer.

The property is a single commercial unit on a 0.11-acre lot featuring approximately 10,000 square feet of unused air rights. It is situated within an M1-4/R6A zoning district, offering redevelopment opportunities in a mixed-use district.

Read More News Stories About: Marcus & Millichap
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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
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