Adam He Acquires Development Site On Vernon Boulevard In Long Island City For $2.6M

A development site located at 47-29 Vernon Boulevard in Long Island City has been sold in a closed transaction. The property was acquired by Adam He from the Colin Family. The transaction was facilitated by Stephen R. Preuss Sr., Kevin Schmitz, Andreas Efthymiou, and Kevin Louie from Ripco as representatives of the buyer. The sale price for the development site was $2,624,000. The site has a building square footage of 7,500, which translates to a price per building square footage of $350. The total square footage of the property is 3,081, and the price per square footage is $852.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $2,624,000
• Address: 47-29 Vernon Boulevard
• Market: Long Island City

The buyer, Adam He, successfully acquired the development site from the Colin Family. Stephen R. Preuss Sr., Kevin Schmitz, Andreas Efthymiou, and Kevin Louie, representing Ripco, were the brokers involved in the deal. The property offers a significant investment opportunity in the growing market of Long Island City.