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NC-Based Developer Comes to Long Island City for First NYC Deal
CBRE has completed the sale of a development site at 25-01 Queens Plaza North in Long Island City. North Carolina-based Grubb Properties acquired the approximately 54,000-square-foot property from a private real estate family consisting of Estia Realty LLC, Vadiel Properties LLC and VI Properties LLC for $63 million.
Dan Kaplan and Elli Klapper of CBRE spearheaded the marketing campaign for the property and represented the seller in negotiations.
“The acquisition of the property, through its 2021 Opportunity Zone Fund, marks Grubb Properties’ first purchase in the New York City area,” said Kaplan. “The firm plans to develop a 17-story residential property featuring 317 units and 9,000 square feet of retail space.”
Frank Fusaro of Handel Architects is the architect of record on the Grubb project. Demolition permits for the existing two-story building on the site, near the Queensboro Plaza subway station, were filed in May.
- ◦Sale/Acquisition

