Pamon Sung Acquires Mixed-Use Building In Long Island City For $4.725M

The property at 511 50th Avenue in Long Island City has been sold for a price of $4,725,000. The mixed-use building spans 4,996 square feet and has a price per square foot of $945. The property is currently set up as four large units and also receives additional revenue from a long-term cell phone lease/easement on the roof. The building was marketed based on its existing income, potential income from converting the garage to retail, and the opportunity for a condo conversion and resale.

Summary of transaction details

• Property Type: Mixed-use
• Transaction Amount: $4,725,000
• Address: 511 50th Avenue, Long Island City
• Market: Long Island City
• Zoning: M1-4/R6B, LIC

Pamon Sung has purchased the property from Joe Taylor. The brokerage team involved in the deal was Nancy Robbins & Nathan Horne from @NancyRobbi orne.Team. They successfully solicited numerous offers from classical investors, cell tower funds, and residential or commercial end-users. Ultimately, a 1031 purchaser was chosen, appreciating the quality of the building and stability of the investment. For any valuations or inquiries about similar properties, interested parties can reach out to nathan.horne@compass.com.