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Nowak and Eshaghian of Marcus & Millichap Sell 48,750 BSF Hotel Development Site In LIC for United Hoisting to Mike Singh

Nowak and Eshaghian of Marcus & Millichap Sell 48,750 BSF Hotel Development Site In LIC for United Hoisting to Mike Singh

QUEENS, NY, April 10, 2017 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of 38-51 11th Street, a 9,750-square foot commercial development site in Queens, N.Y., according to John Horowitz, vice president- regional manager of the firm’s Brooklyn office. The asset sold for $4,250,000.

Jakub H. Nowak and Jonathan Eshaghian from Marcus & Millichap’s Brooklyn office had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer was also secured and represented by the team.

Eshaghian said, “Despite there being many new hotel developments LIC pipeline, Revenue per available room has stayed strong in this corridor. Marketing this site, we saw a tremendous response from hotel developers who remain bullish on hotel development in this area.”

Nowak and Eshaghian were marketing this lot along with United Hoisting’s larger parcel across the street as The Real Deal had reported. Singh and his partners had purchased and filed for plans for a Hotel on 21st Street according to YIMBY back in 2015.