23-10 44th Drive Retail Building Sold In Long Island City For $4.7M

A retail building located at 23-10 44th Drive in Long Island City, Queens, was sold for $4.7 million. The property spans 2,500 square feet with a price per square foot of $1,880. The buyer, 23-10 44th Drive LLC, acquired the asset from the seller, Shafquat Chaudhary. It is worth noting that the property includes 22,491 square feet of additional air rights, hinting at potential development opportunities. Chaudhary initially purchased the building on December 3, 2003, for $615,000.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $4,700,000
• Address: 23-10 44th Drive
• Market: Long Island City, Queens
• Building Square Footage: 2,500
• Price per Square Foot: $1,880

The sale involved the transfer of ownership of the retail building in Long Island City. Shafquat Chaudhary, the seller, executed the transaction with the buyer's representative on the deal. The building's potential for development, given its additional air rights, likely contributed to its market value and sale price per square foot.