A local developer has purchased a commercial unit in Long Island City for $6.1 million, or approximately $407 per buildable square foot, with plans to redevelop the building into high-end condos. Marcus & Millichap negotiated the sale of the property at 49-03 Fifth St., which is currently home to an auto repair shop. The brokerage’s Sean Fopeano, Shaun Riney and David Cornejo exclusively marketed the property on behalf of the private family seller and procured the buyer.
The property sits on a 0.11-acre lot and features 10,000 s/f of unused air rights. The asset is located within an M1-4/R6A zoning district, which offers mixed-use redevelopment opportunities, about one block from the LIC waterfront and one block from Vernon Boulevard. Gantry Plaza State Park, I-495, and the Long Island City Train Station are situated nearby.
Fopeano noted that the buyer is planning a boutique condominium development with over 30 high-end units and is underwriting sellout pricing north of $1,600 per square foot.
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