A development site located at 45-34 Pearson Street in Long Island City has been sold in a recent transaction. The property, situated in the M1-5/R7-3 zoning area, offers a promising opportunity for development.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $3,700,000
• Address: 45-34 Pearson Street, Long Island City
• Market: Long Island City
• Asset Type: Development Site
• Zoning: M1-5/R7-3

The buyer of the property is Tien Vominh, while Arik Mor acted as the seller in the deal. The transaction was facilitated by Jakub Nowak and Jonathan Eshaghian of Marcus & Millichap, representing both parties as brokers.

After unsuccessful attempts to sell the property independently or with previous brokers, the sellers enlisted the services of Jakub Nowak and Jonathan Eshaghian from The Nowak Group at Marcus & Millichap. This decision proved fruitful as Nowak and Eshaghian were able to secure a ready and willing buyer within the first couple of months of marketing. Despite the challenges posed by the COVID-19 pandemic, they successfully negotiated the price, terms, and contract, ultimately closing the deal at a rate of $296 per square foot.