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Marcus & Millichap closes $6.1M sale of Long Island City site

The redevelopment property sold for $6.1 million, with Marcus & Millichap noting strong buyer interest in Long Island City.

Reported · Written up by our desk · Industry

Marcus & Millichap has closed the sale of 49-03 Fifth St., a redevelopment site in Long Island City. ConnectCRE reports the asset sold for $6.1 million.

ConnectCRE says Marcus & Millichap marketed the property on behalf of a private family seller, with the firm also procuring a buyer identified as a Queens developer.

In comments cited by ConnectCRE, Marcus & Millichap’s Sean Fopeano said the depth of the buyer pool in Long Island City is strong and that developers remain bullish on both condo and rental markets.

ConnectCRE also reported that Fopeano linked that optimism to limited remaining sites, which he said has pushed land pricing to all-time highs.

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