A local developer has acquired a commercial property in Long Island City for $6.1 million, with plans to convert the site into a boutique condominium project. The asset, located at 49-03 Fifth St., was formerly occupied by an auto repair shop and is now vacant. The sale reflects pricing of approximately $407 per buildable square foot, based on the buyer’s redevelopment assumptions.
Marcus & Millichap brokered the transaction, with a team of Sean Fopeano, Shaun Riney and David Cornejo handling the assignment. The brokerage exclusively marketed the property on behalf of a private family seller and also procured the local developer as the buyer. The deal transitions the property from an automotive use toward a planned high-end residential condominium development.
The site occupies a 0.11-acre lot in an M1-4/R6A zoning district, which allows for mixed-use redevelopment options. The property benefits from 10,000 square feet of unused air rights, giving the buyer additional potential development capacity beyond the existing structure. The zoning framework and available air rights together position the site for a more intensive residential or mixed-use program than its prior use as an auto repair facility.
The location is about one block from the Long Island City waterfront and one block from Vernon Boulevard, placing the asset within a walkable, amenity-rich pocket of the neighborhood. Nearby landmarks include Gantry Plaza State Park, I-495 and the Long Island City Train Station, providing access to open space as well as regional connectivity.
According to Marcus & Millichap’s Fopeano, the buyer intends to pursue a boutique condominium project with more than 30 high-end units. The development is being underwritten at projected sellout pricing above $1,600 per square foot, indicating an expectation for strong for-sale residential demand in this part of Long Island City. Specific design details and a development timeline were not disclosed.
The transaction illustrates ongoing interest from local developers in repositioning underutilized commercial properties near the Long Island City waterfront into higher-density residential product. While the seller and buyer were not publicly identified by name, the brokerage’s role underscores the continued presence of institutional investment sales intermediaries in this submarket. Image courtesy of Marcus & Millichap.
