A redevelopment site at 49-03 Fifth St. in Long Island City has changed hands, with Marcus & Millichap arranging the sale on behalf of a private family seller. The property, described as a single commercial unit, traded for $6.1 million to a Queens-based developer focused on the area.
The site sits on a 0.11-acre parcel and includes approximately 10,000 square feet of unused air rights, creating potential for a larger future project than what currently exists on the lot. The asset is located within an M1-4/R6A zoning district, which allows for mixed-use redevelopment under New York City zoning regulations and positions the property for a combination of commercial and residential uses, subject to applicable rules.
Marcus & Millichap’s New York City office handled both sides of the transaction. Sean Fopeano, alongside colleagues Shaun Riney and David Cornejo, marketed the property on behalf of the private family seller and also sourced the Queens developer as the buyer. Their mandate covered positioning the site to the market and managing the competitive interest it attracted.
Commenting on market dynamics, Fopeano noted that the buyer pool in Long Island City is currently deep, characterizing demand as among the strongest the team has experienced in the submarket. He pointed to continued optimism among developers toward both condominium and rental product, suggesting that investors see ongoing value in for-sale and for-rent housing strategies in this part of Queens.
According to Fopeano, this confidence is intersecting with a shrinking inventory of sites available for large-scale redevelopment in Long Island City. With a limited number of remaining opportunities and sustained appetite from builders, land pricing in the area has moved to what he described as all-time highs. The sale of 49-03 Fifth St. reflects this pricing environment, as buyers compete for fewer developable parcels that can support future residential and mixed-use projects.
The transaction underscores the role of experienced investment sales teams in guiding private sellers through a market where demand for redevelopment land remains strong. It also illustrates how zoning flexibility and unbuilt development potential, such as unused air rights, can help support valuations in established urban neighborhoods where large tracts of land are scarce.
While specific redevelopment plans for the site were not disclosed, the combination of mixed-use zoning, remaining air rights and active developer interest suggests that the property is positioned for a new phase of investment. For now, the sale adds another data point to an active land investment market in Long Island City, where pricing continues to be supported by strong developer sentiment and constrained site availability.
