New York, NY – August 3, 2018 – Cushman & Wakefield announced today that the firm has arranged the sale of 3823-3829 9th Street, a 49,790 buildable square feet development opportunity in Long Island City. The final closing price was $8 million.
Cushman & Wakefield’s Senior Managing Director Stephen R. Preuss, Director Denise Prevete-Tempone and Senior Associate Andreas Efthymiou represented both the buyer and the seller in the transaction. The seller was J&N Development LLC and the property was purchased by Midpiece 9th Street, LLC.
3823-3829 9th Street is an assemblage of two tax lots for redevelopment of up to approximately 49,790 buildable square feet for as of right development.
“The site at 3823-3829 9th Street is an ideal location for a wide range of ventures due to the increased development and absorption of residential, commercial and industrial product in Long Island City in recent years,” said Stephen R. Preuss of Cushman & Wakefield. “With demand for several asset classes and close proximity to the 21st Street-Queensbridge stop, this site presents an excellent opportunity for the buyer.”
3823-3829 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.