Brax Realty successfully facilitated the sale of a highly sought-after development site in Long Island City for $8.4 million, at a rate of $350 per buildable square foot. The deal was negotiated by Brax representatives Michael Ferrara and Cole Kinney Leonhardt, with both the buyer and seller remaining anonymous.
The property boasts 12,000 square feet of land and includes two unoccupied commercial buildings. Its prime location near the 7 and G subway lines provides convenient access to Manhattan, Brooklyn, and Queens. Additionally, it is currently zoned for up to 24,000 square feet of residential use.
Ferrara commented on the transaction saying that it highlights Long Island City’s growing popularity as a top choice for residential development projects.
Kinney Leonhardt added that visionary developers are continuously drawn to Long Island City’s potential for transformation; thus they were thrilled to be involved in contributing towards its ongoing growth.
This news was originally reported on Connect CRE website.
