{"id":358941,"date":"2026-09-28T16:48:48","date_gmt":"2026-09-28T16:48:48","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/358941\/"},"modified":"2026-09-28T16:48:48","modified_gmt":"2026-09-28T16:48:48","slug":"marcus-millichap-closes-6-1m-sale-of-queens-redevelopment-site-nyrej","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/358941\/","title":{"rendered":"Marcus & Millichap closes $6.1m sale of Queens redevelopment site : NYREJ"},"content":{"rendered":"

\"\"
\n49-03 Fifth Street – Queens, N.Y. <\/p>\n

Queens, NY Marcus & Millichap<\/a> negotiated the sale of 49-03 Fifth St., a redevelopment site in Long Island City. The asset sold for $6.1 million.<\/p>\n

\u201cThe depth of the buyer pool in Long Island City is as strong as we have seen it,\u201d said Sean Fopeano in Marcus & Millichap<\/a>\u2019s New York City office. \u201cDevelopers remain extremely bullish on both the condo and rental markets. That confidence, combined with a limited number of remaining sites, continues to push land pricing to all-time highs.\u201d<\/p>\n

Fopeano, Shaun Riney and David Cornejo of Marcus & Millichap<\/a> exclusively marketed the property on behalf of the private family seller, and procured the buyer, a local developer.<\/p>\n

The property is a single commercial unit on a .11-acre lot featuring 10,000 s\/f of unused air rights. It is situated within an M1-4\/R6A zoning district, offering redevelopment opportunities in a mixed-use district.<\/p>\n

The building is close to Gantry Plaza State Park, the East River and Hunter\u2019s Point, near I-495 and the Long Island City Train Station.<\/p>\n","protected":false},"excerpt":{"rendered":" 49-03 Fifth Street – Queens, N.Y. Queens, NY Marcus & Millichap negotiated the sale of 49-03 Fifth…\n","protected":false},"author":2,"featured_media":358942,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[9,24,63,122,124,123],"class_list":["post-358941","post","type-post","status-publish","format-standard","has-post-thumbnail","category-queens","tag-new-york","tag-new-york-city","tag-nyc","tag-queens","tag-queens-headlines","tag-queens-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/358941","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=358941"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/358941\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/358942"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=358941"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=358941"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=358941"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}