New Multifamily Building to be Constructed at 11th Street Site, Acquired for $4.7M
RD Management Corp. acquired the industrial facility at 46-09 11th Street in Long Island City, NY from Unid Realty Corp. for $4,675,000, or $173 per square foot.
The 27,000-square-foot industrial building was built in 1957 in the Northwest Queens Industrial submarket. The building was vacant at time of sale and the buyer plans to demolish the building to make way for a new 59-unit multifamily building. Groundbreaking for the multifamily building is scheduled for November 2011.
Joseph Hentze of Hentze-Dor Real Estate, Inc. represented RD Management Corp. John Reinertsen and William Jordan of CB Richard Ellis represented Unid Realty Corp.
Please refer to CoStar COMPS #2162899 for more information on this transaction.