JNY Capital Acquires Development Site In Long Island City For $32.5M

The development site located at 38-42 12th Street in Long Island City has been sold in a transaction dated 03/09/2020. The property, situated in the Long Island City market, spans approximately 319,200 square feet and is designated for commercial use.

Summary of transaction details

• Property Type: Development Site
• Sale Price: $32,500,000
• Price per Buildable Square Foot (PPBSF): $101
• Seller: United Hoisting Company Inc - Richard Halloran & Joe Covello
• Buyer: JNY Capital - Moshe Pinsky
• Brokers: Jakub Nowak & Jonathan Eshaghian - Marcus & Millichap @The_Nowak_Group

This transaction represents a joint venture between United Hoisting Company Inc, the land owners, and JNY Capital. The collaboration aims to bring a transformative commercial project to Long Island City. The proposed development, with a total buildable square footage of approximately 400,000, is expected to incorporate a blend of commercial, entertainment, and community facilities.