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.
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