In at $8M, out at $46M — just three years later
Quote:
A Queens-based developer who bought a prime Long Island City site for $8 million three years ago flipped the property for nearly six times that amount.
Developer Steve Cheung closed yesterday on the $46.3 million sale of the site at 29-37 41st Avenue in the Queens Plaza section of Long Island City.
The buyer is an unidentified institutional investor. The site has a buildable square footage of roughly 205,000 square feet and comes with approvals for a 30-story residential tower with 242 units.
Cheung was represented by Joseph Stern of Jay Street Advisors, who said rising land prices in Long Island City made the decision to sell a no-brainer.
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http://therealdeal.com/blog/2014/11/....A2AJU17L.dpuf