Gabriel Paredes Acquires Development Site From Cohen Family In Long Island City For $3.5M

The property involved in this transaction is a development site located at 21-48 44th Drive in the Long Island City market. The sale price was $3,500,000, with a building square footage (BSF) of 10,000, translating to a price per building square foot (PPBSF) of $350. The property has a total square footage (SF) of 2,500, resulting in a price per square foot (PPSF) of $1,400.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $3,500,000
• Address: 21-48 44th Drive
• Market: Long Island City
• Building Square Feet: 10,000
• Price per Building Square Foot: $350
• Total Square Feet: 2,500
• Price per Square Foot: $1,400
• Buyer: Gabriel Paredes
• Seller: Cohen Family
• Buyer's Representative: Christopher Daniels - CCD Real Estate Solutions
• Seller's Representatives: Alexandre Goulet & Anand Melwani - Landair Property Advisors

This transaction was marked by high competition, as the site attracted 10 offers and was sold at full asking price, reflecting the strong investor demand in Long Island City. The property holds considerable potential for residential or retail development.