Massimo Paniccia Acquires Industrial Property In Long Island City For $11.2M

The industrial property located at 36-01 Queens Blvd in Long Island City has been sold in a closed transaction. The property spans 28,500 square feet and was sold for a sale price of $11,200,000. The asking price for the property was $12,000,000, indicating a negotiated sale price below the initial asking price. The price per square foot for this transaction is $392. The property last traded in 2018 for $9,500,000. The sellers, Platinum Realty NYC, have now sold the property to a user/investor.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $11,200,000
• Square Footage: 28,500
• Price per Square Foot: $392
• Market: Long Island City

The buyer in this transaction is Massimo Paniccia. The seller is Platinum Realty NYC. Brian Jaffe from Jaffe Realty acted as the broker representing the buyer in this deal.