News:
Brokerage
Posted: December 10, 2024
Ferrara and Kinney Leonhardt of Brax
Realty sell $8.4 million development site
Long Island City, NY Brax Realty brokered the sale of a development site at 10-37 and 10-45 49th Ave. for $8.4 million. The transaction was brokered by Michael Ferrara and Cole Kinney Leonhardt.
The property, a 12,000 s/f lot with two vacant commercial buildings, has an M1-4/R6B zoning designation that allows for up to 24,000 s/f of residential use. The site traded at a $350 per buildable s/f, reflecting the demand for development opportunities in Queens.
“This sale underscores the continued appeal of Long Island City as a premier destination for residential development,” said Ferrara.
The site’s location offers convenience for developers and future residents. The property is near the 7 and G subway, providing access to Manhattan, Brooklyn, and Queens.
“This transaction highlights our team’s ability to secure exceptional outcomes for our clients,” said Kinney Leonhardt. “Long Island City continues to attract visionary developers, and we’re excited to contribute to the neighborhood’s ongoing transformation.”
Tags:
Brokerage
MORE FROM Brokerage
Horizon Kinetics relocates new headquarters to Tishman Speyer’s Rockefeller Center
Manhattan, NY According to Tishman Speyer investment boutique Horizon Kinetics Asset Management LLC will relocate its current New York office to 18,713 s/f on the 27th floor of 1270 Avenue of the Americas at
.jpg)
Quick Hits
.gif)
Columns and Thought Leadership
Strategic pause - by Shallini Mehra and Chirag Doshi
Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent
Behind the post: Why reels, stories, and shorts work for CRE (and how to use them) - by Kimberly Zar Bloorian
Let’s be real: if you’re still only posting photos of properties, you’re missing out. Reels, Stories, and Shorts are where attention lives, and in commercial real estate, attention is currency.
Lasting effects of eminent domain on commercial development - by Sebastian Jablonski
The state has the authority to seize all or part of privately owned commercial real estate for public use by the power of eminent domain. Although the state is constitutionally required to provide just compensation to the property owner, it frequently fails to account
AI comes to public relations, but be cautious, experts say - by Harry Zlokower
Last month Bisnow scheduled the New York AI & Technology cocktail event on commercial real estate, moderated by Tal Kerret, president, Silverstein Properties, and including tech officers from Rudin Management, Silverstein Properties, structural engineering company Thornton Tomasetti and the founder of Overlay Capital Build,
.gif)