An office property located at 11-11 40 Avenue in Long Island City, with a total square footage of 15,000, has been sold. The transaction took place on November 12, 2021, and the property was sold for a price of $4,500,000. The building has a buildable square footage (BSF) of 37,500, resulting in a price per buildable square footage (PPBSF) of $120. The price per square foot (PPSF) for the property is $300. The property is zoned M1-3, allowing for office use.

Summary of transaction details

• Property Type: Office
• Transaction Amount: $4,500,000
• Market: Long Island City
• Zoning: M1-3

The buyer of the property is John Silviano, and the seller is Meng Hua Wang.

The property has a floor area ratio (FAR) of 2.00 and is classified under tax class 4. The lot size is 7,500 square feet, with dimensions of 74 feet by 100 feet. An alteration permit was issued on October 26, 2021.