Current 3-Family Property in LIC Sells for $1.1 million as a Development Site.
A vacant, two-story, 1,728-square-foot building at 12-07 40th Avenue in Long Island City sold for $1,125,000. The property which was originally a multifamily property, will offer approximately 6,075 buildable square feet. Due to the zoning of the property, the best use looks to be a mixed use development.
As vacant land supply decreases in Long Island City, investors are turning to alternate methods to develop. In the past couple of weeks, many investors have been buying up existing multifamily and industrial structures to redevelop into modern multifamily and mixed use buildings. Although this particular deal is a small one, development prices are rising slightly in Long Island City as we head into the end of Q4 2016.
Exclusive agents of Eastern Consolidated, Senior Director Chad Sinsheimer and Associate Director Ali Rossland represented the seller and procured the buyer, both private investors. As reported by Queensbeans, Eastern Consolidated has been relatively active in the past week or so, with the brokering of both 25-77-25-79 31st street and 45-50 48th street.