Jiang Family Purchases Development Site In Long Island City For $6.1M From Seller Andre Tita

The asset involved in this transaction is a development site located at 49-03 5th Street in Long Island City. It was sold for $6,100,000, with a buildable square footage (BSF) of 15,000, resulting in a price per buildable square foot (PPBSF) of $406. The property spans 5,000 square feet (SF), with a price per square foot (PPSF) of $1,220.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $6,100,000
• Address: 49-03 5th Street
• Market: Long Island City
• BSF: 15,000
• PPBSF: $406
• SF: 5,000
• PPSF: $1,220
• Buyer: Jiang Family
• Seller: Andre Tita
• Broker Representatives: Shaun Riney, Sean Fopeano, David Cornejo & Victor Sun - Marcus & Millichap

This transaction marks the sixth development site sold by NYM Group in Long Island City this year. Active developers interested in current inventory or property discussions are encouraged to contact via the provided phone numbers.