BK Developers Acquires 2-Unit Multifamily In Long Island City For $2.1M

The property located at 50-09 5th Street in Long Island City, has been sold in a recent transaction. The asset is a multifamily property with a zoning classification of M1-4/R6A. The sale took place on April 1, 2021. The property was purchased by BK Developers from the Romano family.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $2,100,000
• BSF: 7,500
• PPBSF: $280
• SF: 2,050
• PPSF: $1,024
• Units: 2
• PPU: $1,050,000
• FAR: 0.82
• Tax Class: 1
• Lot Size: 2,500
• Permits: Full demolition (03/04/2021)
• Lot Dimensions: 25 ft x 100 ft

BK Developers acted as the buyer in this transaction, while the Romano family served as the seller. The property was sold for a price of $2,100,000. It has a building square footage (BSF) of 7,500, with a price per BSF (PPBSF) of $280. The total square footage (SF) of the property is 2,050, with a price per square foot (PPSF) of $1,024. The property consists of 2 units, with a price per unit (PPU) of $1,050,000. The property's floor area ratio (FAR) is 0.82, and it is classified as tax class 1. The lot size is 2,500, with lot dimensions of 25 ft x 100 ft. A full demolition permit was issued on March 4, 2021.