Global commercial real estate advisory firm Newmark today announced it has arranged the sale of 1064-1066 Jackson Avenue, a property primed for development with 25,236 buildable square feet in Long Island City. Newmark’s Executive Managing Director Ron Solarz and Associate Jonny Yuran represented the property’s owner and procured the buyer - a local condo developer - in this $8 million sale.
1064-1066 Jackson Avenue is a vacant corner site in the Court Square section of Long Island City, Queens, ideally located near LIRR stations and atop the MTA’s 7 subway line. The property’s sale included MTA-approval, as well as approved plans for a seven-story condo project with ground-floor retail.
“The Court Square section of Long Island City has become a very popular location for condo developers and condo buyers alike because the end product is so attractively priced,” said Solarz. “Both development and demand have surged in the area given the location’s proximity to Midtown Manhattan.”
Total sales volume in New York City has increased 8.3% year-over-year to $10.1 billion. For Queens specifically, the current cycle’s sales volume across all property types in Queens was $4.4 billion, a year-over-year growth rate of 32.3% - the second highest increase of the boroughs.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,000 professionals operate from approximately 480 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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