(To read more on the multifamily market, click here.)

LONG ISLAND CITY, NY-Once a warehouse hub, Long Island City isseeing new interest from developers that some say will set the cityon its own two feet and take it out of Manhattan's and Brooklyn'sshadow. The recent rezoning of many parts of the area fromindustrial to residential is encouraging developers to consider thearea that was once unattractive. Two recent deals, although smallaccording to Manhattan standards, shed light to LIC's boomingmarket.

Marcus & Millichap Real Estate Investment Brokerage Co.recently sold a 1.7-acre development site here at 38-50 21st St.The property received 23 competitive bids and ultimately sold for$14 million to Jin S. Xu. Seller Pep Boys was represented by Marcus& Millichap's Mark Gjonbalaj and Glen Kunofsky. Bernard Straussat Greiner-Maltz and Grace Liu of Great Eastern Realty secured thebuyer.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.