Marcus & Millichap has completed the $9.75 million sale of a development site at 42-81 Hunter St. in the Court Square section of Long Island City, Queens. The site, located in a densely served transit corridor, drew substantial investor interest and ultimately traded at pricing that closely aligned with the seller’s expectations.
The investment sales team of David Cornejo, Shaun Riney and Sean Fopeano from Marcus & Millichap’s New York City office represented the seller, Werwaiss Properties, in the transaction. The same team also sourced the buyer, BS Northern Realty LLC, providing dual-sided representation on the assignment. The property had been actively marketed to the development community prior to the sale.
According to Cornejo, the marketing process generated more than 14 written offers from prospective buyers. Marcus & Millichap responded by issuing four contracts simultaneously to the most competitive bidders, which helped maintain pricing tension and transaction certainty. The deal ultimately closed at a price that was reported to be approximately 98% of the original asking level.
The reported sale price equates to about $390 per buildable square foot, reflecting the site’s entitlement for additional density and future value creation potential. Investors were attracted to the combination of scale, zoning flexibility and location fundamentals, which supported strong interest from both local and regional development groups focused on the Long Island City market.
Originally built in 1941, the existing improvements sit on a roughly 5,000-square-foot lot measuring about 50 feet by 100 feet. Current zoning allows for approximately 25,000 to 30,000 square feet of residential or mixed-use development, giving the buyer a range of potential program options. The property’s position in Court Square places it within convenient reach of multiple neighborhood amenities and services.
The development site offers access to seven subway lines, enhancing connectivity to other parts of New York City and reinforcing its appeal to future residents and commercial tenants. BS Northern Realty LLC plans to construct approximately 36 condominium apartments on the site, positioning the project to add new for-sale housing inventory to the Long Island City pipeline once development moves forward.
