New York & Tri-State CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Sub Markets

Property Sectors


New York & Tri-State  + Outer  + Distressed Assets  | 

Rosewood Realty’s Corbin Group Closes Sale of Stalled LIC Development Site

The Corbin Group at Rosewood Realty has delivered a Chapter 11 bankruptcy sale of a stalled construction development site in Long Island City, Queens for $14.12 million. The buyer’s plan for the site at 25-16 37th Ave. entails 38 units of residential, as well as ground floor commercial space and an underground parking lot for a total of 44,000 buildable square feet. 

“Despite the challenges posed by the project being stalled and sitting exposed to the elements for almost three years, we overcame these obstacles and secured a successful sale: a testament to the demand for new multifamily projects in Queens,” said Rosewood’s Felix Ades. “This transaction’s feasibility can largely be credited to the in-place 421A tax abatement.”  

Greg Corbin, president of bankruptcy and restructuring, along with Ades, a director on his team, represented both the undisclosed buyer and seller in this transaction. 


Inside The Story

Rosewood's Corbin Group

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 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
New call-to-action