New York, NY – June 14, 2018 – Cushman & Wakefield announced today that the firm has arranged the sale of 38-15 9th Street, a 49,917 buildable square feet development opportunity in Long Island City. The final closing price was $6.5 million.
A Cushman & Wakefield brokerage team consisting of Senior Managing Director Stephen R. Preuss, Director Denise Prevete, Associate Director Kevin Louie and Senior Associate Andreas Efthymiou represented the seller, BNC Hospitality, LLC, in the transaction. The property was purchased by Sam Chang.
38-15 9th Street is an approximately 9,983 square foot lot primed for redevelopment located off the corner of 9th Street and 38th Avenue. The property allows up to approximately 49,917 buildable square feet as-of-right for commercial or hotel development, or up to a potential maximum 64,892 buildable square feet with community facility bonus.
“With the influx of increased residential, commercial and industrial development in Long Island City in recent years, 38-15 9th Street’s location and unique development potential presents an excellent opportunity for the buyer” said Stephen R. Preuss of Cushman & Wakefield. “The buyer will plan to construct a branded hotel and expects begin construction this calendar year.”
38-15 9th Street is located a few blocks from the 21st Street-Queensbridge stop on the F train. It is one block from the Long Island City waterfront and less than a mile away from Queens Plaza.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, advisory and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.