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Long Island City commercial unit sold for $6.1 million
The 49-03 Fifth St. property is slated for redevelopment into high-end condos, after a sale brokered by Marcus & Millichap.
ConnectCRE reports that a local developer purchased a commercial unit in Long Island City for $6.1 million, about $407 per buildable square foot.
The transaction covers 49-03 Fifth St., a 0.11-acre site with 10,000 square feet of unused air rights, which is now vacant after previously housing an auto repair shop.
ConnectCRE also said Marcus & Millichap brokered the sale, with brokers Sean Fopeano, Shaun Riney, and David Cornejo exclusively marketing the property and procuring the buyer.
The seller plans to redevelop the site into high-end condos, and the property is located in an M1-4/R6A zoning district that supports mixed-use redevelopment opportunities.