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Marcus & Millichap Closes Sale of Court Square Development Site

Marcus & Millichap closed the $9.75-million sale of 42-81 Hunter St., a development site in the Court Square neighborhood of Long Island City, Queens. David Cornejo, Shaun Riney and Sean Fopeano of Marcus & Millichap’s New York City office, represented the seller, Werwaiss Properties, and procured the buyer, BS Northern Realty LLC. 

“By leveraging real-time market intelligence, our team was able to exceed ownership’s original pricing expectations,” said Cornejo. “Our strategic and competitive marketing process resulted in more than 14 written offers, the simultaneous issuance of four contracts to the most competitive bidders, and a sale price achieved within 98% of the original asking price. The sale price equated to $390 per buildable square foot.” 

Built in 1941, the property sits on a roughly 5,000-square-foot lot measuring about 50 feet by 100 feet and allows for approximately 25,000 to 30,000 square feet of residential or mixed-use development. Its location offers access to seven subway lines. The buyer plans to develop approximately 36 condominium apartments.

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Marcus & Millichap's Cornejo

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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