The Corbin Group at Rosewood Realty has delivered a Chapter-11 bankruptcy sale of a stalled construction development site in Long Island City, Queens for $14.12 million.
The buyer’s plan for the site at 25-16 37th Avenue calls for building 38 units of residential, as well as ground floor commercial space and an underground parking lot for a total of 44,000 buildable square feet.
“Despite the challenges posed by the project being stalled and sitting exposed to the elements for almost three years, we overcame these obstacles and secured a successful sale: a testament to the demand for new multifamily projects in Queens,” said Rosewood’s Felix Ades. “This transaction’s feasibility can largely be credited to the in-place 421A tax abatement. We are thrilled to have delivered exceptional results for our client, and we look forward to continuing to provide top-tier service in complex special-situations as the market continues to change.”
Greg Corbin, President of Bankruptcy and Restructuring, along with Ades, a Director on his team, represented both the undisclosed buyer and seller in this transaction. The property sold for $320 per buildable square feet.
“The demand for legacy 421-A development sites has spiked as there is a lingering question in the market whether an iteration of the old Affordable New York program will return,” commented Corbin. “Now more than ever, sites with a footer and approved plans are commanding a premium, as can be seen in this particular transaction.”