Xin Lin Acquires Development Site In Long Island City From Robert Cerrone For $15.2M

The transaction involved a development site located at 38-24 32nd Street in Long Island City. The property was sold for a total of $15,200,000, with a buildable square footage of 41,027, equating to a price per buildable square foot of $370.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $15,200,000
• Address: 38-24 32nd Street
• Market: Long Island City
• Buyer: Xin Lin
• Seller: Robert Cerrone
• Broker: Cole Kinney Leonhardt - Brax Realty
• BSF: 41,027
• PPBSF: $370

Cole Kinney Leonhardt represented both the buyer, Xin Lin, and the seller, Robert Cerrone, in this transaction, showcasing his proficiency within the Long Island City development market. This sale reflects his capability to maximize the value for development-site owners, achieving a competitive price point.