Marcus & Millichap Inc.
09/25/2026 | Press release | Archived content
Marcus & Millichap Closes $6.1M Sale of Redevelopment Site in Queens, New York
Press Releases
Marcus & Millichap Closes $6.1M Sale of Redevelopment Site in Queens, New York
September 25, 2026
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NEW YORK, Sept. 25, 2026 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of 49-03 Fifth St., a redevelopment site in Long Island City, Queens. The asset sold for $6.1 million.
"The depth of the buyer pool in Long Island City is as strong as we have seen it," said Sean Fopeano in Marcus & Millichap's New York City office. "Developers 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."
Fopeano, Shaun Riney and David Cornejo of Marcus & Millichap exclusively marketed the property on behalf of the private family seller, and procured the buyer, a Queens developer.
The property is a single commercial unit on a 0.11-acre lot featuring approximately 10,000 square feet of unused air rights. It is situated within an M1-4/R6A zoning district, offering redevelopment opportunities in a mixed-use district.
The building is close to Gantry Plaza State Park, the East River and Hunter's Point, near Interstate 495 and the Long Island City Train Station.
"The depth of the buyer pool in Long Island City is as strong as we have seen it," said Sean Fopeano in Marcus & Millichap's New York City office. "Developers 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."
Fopeano, Shaun Riney and David Cornejo of Marcus & Millichap exclusively marketed the property on behalf of the private family seller, and procured the buyer, a Queens developer.
The property is a single commercial unit on a 0.11-acre lot featuring approximately 10,000 square feet of unused air rights. It is situated within an M1-4/R6A zoning district, offering redevelopment opportunities in a mixed-use district.
The building is close to Gantry Plaza State Park, the East River and Hunter's Point, near Interstate 495 and the Long Island City Train Station.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2025, the company had 1,808 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 8,818 transactions in 2025, with a sales volume of approximately $50.9 billion. For additional information, please visit www.MarcusMillichap.com.
Marcus & Millichap Inc. published this content on September 25, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on September 28, 2026 at 21:34 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]