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Cushman & Wakefield Sells Development Site in Long Island City

05/19/2015

A development site at 5134-5136 35th Street, located between Bradley and Gale Avenues in the Long Island City neighborhood of Queens, was sold in an all-cash transaction valued at $990,000.

The prime development site consists of two tax lots which combine for approximately 5,000 buildable square feet on a 50’ x 100’ lot. The site currently holds two buildings, measuring a total of approximately 1,640 square feet. Additionally, it features a large 3,360 square feet rear yard. The sale price equates to approximately $198 per buildable square foot.

The subject properties are located within close proximity to the Long Island Expressway and Greenpoint Avenue, making it a short commute to Brooklyn’s Greenpoint neighborhood.

“The access to transportation made this an extremely appealing site for a user. The final price per buildable square foot is extremely promising for the neighborhood and further highlights the growth occurring in this area,” said Cushman & Wakefield’s David Chkheidze, who exclusively represented the seller in this transaction.  The buyer was represented by Ruben de Kast Martinez of DY Realty.

05/19/2015 - 19:00

Source

Cushman & Wakefield Capital Markets Group New York

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