Ferrara and Leonhardt of Brax Realty Sell $10.37MM Development Site in Long Island City

Michael Ferrara, Managing Principal of Brax Realty and Cole Kinney Leonhardt, Investment Sales Associate of Brax Realty is pleased to announce the closing of 23-17 41^st Avenue in Long Island City for $10,370,000. The property was situated on the northwest corner of 41^st Avenue and 24^th Street and located just one block north of the Queensboro Bridge. The property had a lot size of 10,000 SF with 200’ of wraparound frontage and with a M1-2/R6A, LIC allows a total buildable of 40,080 SF. The property is an existing 2-story warehouse that was in shell condition and the buyer plans to develop a residential building on the corner site. Ferrara and Kinney Leonhardt represented the seller, a long term private owner and also procured the buyer, Jasper Wu. This was the first time that this site has traded hands since 1979 – over 43 years.