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TFCornerstone Acquires Development Site In LIC From Holterbosch Family For $300M

55-01 2nd Street
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This Development Site property located in NY was sold for $300,000,000 over 5 years ago. The brokers of the deal were Jennifer Schwartzman, James (Jimmy) D. Kuh, and David Noon

The Holterbosch family has sold a development site in Long Island City, located at 55-01 2nd Street. The property, which is situated in the LIC market, was purchased by @TFCornerstone. The sale was facilitated by brokers Jimmy Kuhn, Jennifer Schwartzman, and David Noon from Newmark Knight Frank. The transaction took place on November 19, 2018.

Summary of transaction details

  • Property Type: Development site
  • Transaction Amount: $300,000,000
  • Address: 55-01 2nd Street, Long Island City
  • Market: LIC
  • Seller: Holterbosch family
  • Buyer: @TFCornerstone
  • Brokers: Jimmy Kuhn, Jennifer Schwartzman, David Noon @NewmarkKF

The development site, with a building square footage (BSF) of 1,648,000, was sold for a price of $300,000,000. The purchase price per building square footage (PPBSF) amounted to $182. This significant transaction represents the successful deal between the Holterbosch family and @TFCornerstone, with brokerage services provided by Jimmy Kuhn, Jennifer Schwartzman, and David Noon from Newmark Knight Frank.

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Deals
  • Location
    55-01 2nd Street, Long Island City, NY, USA55-01 2nd Street, Long Island City, NY, USA
  • Sale Price
    $300,000,000$300,000,000
    $182 PPSF$182 PPSF
  • Area
    1,648,000 SF1,648,000 SF
  • Asset Type
    Development SiteDevelopment Site
  • Parties
    3 Brokers, 1 Agency3 Brokers, 1 Agency

Agents

Jennifer Schwartzman

Jennifer Schwartzman

Deals1
Sold$300M

David Noon

David Noon

Deals1
Sold$300M

Agency

Newmark

Newmark

Agency
Deals3891
Volume$397.4B

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Deal Summary

SALE IMAGE: Jimmy Kuhn, Fredrick Elghanayan and K. Thomas Elghanayan DATE: 11/19/2018 ADDRESS: 55-01 2nd Street MARKET: LIC ASSET TYPE: Development site SELLER: Holterbosch family BUYER: @TFCornerstone BROKERS: Jimmy Kuhn, Jennifer Schwartzman and David Noon @NewmarkKF PRICE: $300,000,000 BSF: 1,648,000 ~ PPBSF: $182

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55-01 2nd Street

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