Ioannis Likidis Acquires Mixed-Use Property In Long Island City For $2.2M

Located at 5-34 50th Avenue in Long Island City, this mixed-use property was recently sold in a closed transaction. The property is zoned as M1-4/R6B and is situated in the LIC market. The sale, facilitated by Marcus & Millichap, involved a sales team consisting of Paul Youssef, Matt Fotis, and Lazarus Apostolidis.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $2,200,000
• Address: 5-34 50th Avenue
• Market: Long Island City
• Zoning: M1-4/R6B, LIC
• Buyer: Ioannis Likidis
• Seller: Palumbo Family
• Brokers: Paul Youssef, Matt Fotis & Lazarus Apostolidis – Marcus & Millichap
• Building Square Footage (BSF): 5,000
• Price per Building Square Foot (PPBSF): $440
• Square Footage (SF): 4,250
• Price per Square Foot (PPSF): $517
• Units: 3
• Price per Unit (PPU): $733,333

Ioannis Likidis acquired this property from the Palumbo Family for a total of $2,200,000. With a building square footage of 5,000, the property is valued at $440 per building square foot. The total land area measures 4,250 square feet, resulting in a price per square foot of $517. The property comprises 3 units, making the price per unit approximately $733,333.