Chen Family Acquires Development Site In Long Island City For $13.3M

The development site located at 37-29 31st Street in Long Island City has been sold for a total of $13,300,000. The property, which is a development site, spans over 71,000 square feet and is situated in the bustling market of Long Island City.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $13,300,000
• Address: 37-29 31st Street
• Market: Long Island City

The seller of the property was William Achenbaum, while the buyer was the Chen Family. The transaction was facilitated by the broker Mo Ibrahim. Notably, the sale price of the property was $13,300,000, with a price per buildable square foot (PPBSF) of $187. The development site has approved plans for the construction of 74 apartments, with retail space located on the ground level.