SB Development, operating through LIC 40th Avenue Owner LLC, completed a transaction on November 9, 2023, acquiring an industrial building (G1) at 29-15 40th Road in Long Island City, Queens, from Matthew Lupoli's entity 29-15 40 Road LLC for $5.8 million. The development site has a total square footage of 27,995 and a purchase price per buildable square foot of $207. The property itself spans across 5,000 square feet, with a price per square foot of $1,160.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $5,800,000
• Buyer: Joseph Stern - SB Development
• Seller: Matthew Lupoli
• Address: 29-15 40th Road
• Market: Long Island City, Queens
• Total Square Footage: 27,995
• Price per Buildable Square Foot: $207
• Property Square Footage: 5,000
• Price per Square Foot: $1,160

Joseph Stern, representing SB Development, acted as the buyer in this transaction, while Matthew Lupoli served as the seller. The deal between the two parties resulted in the acquisition of the development site at 29-15 40th Road in Long Island City, Queens, for a total amount of $5.8 million.