Press Releases
Marcus & Millichap Brokers $9.75M Sale of Development Site in Long Island City, Queens
March 06, 2026
NEW YORK, Mar. 6, 2026 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the $9.75 million sale of 42-81 Hunter Street, a development site in the Court Square neighborhood of Long Island City, Queens.
“By leveraging real-time market intelligence, our team was able to exceed ownership’s original pricing expectations,” said David Cornejo of Marcus & Millichap. “Our strategic and competitive marketing process resulted in more than 14 written offers, the simultaneous issuance of four contracts to the most competitive bidders, and a sale price achieved within 98% of the original asking price. The sale price equated to $390 per buildable square foot.”
Cornejo, along with Shaun Riney and Sean Fopeano of Marcus & Millichap’s New York City office, represented the seller, Werwaiss Properties, and procured the buyer, BS Northern Realty LLC.
Built in 1941, the property sits on a roughly 5,000-square-foot lot measuring about 50 feet by 100 feet and allows for approximately 25,000 to 30,000 square feet of residential or mixed-use development.
The buyer plans to develop approximately 36 condominium apartments. In this pocket of Court Square in Long Island City, condominium sales typically range from $1,500 to $1,800 per square foot, depending on building amenities. The property is near the Court Square and Queens Plaza subway stations, offering access to the E, M, G, N, R, W and 7 lines.
“By leveraging real-time market intelligence, our team was able to exceed ownership’s original pricing expectations,” said David Cornejo of Marcus & Millichap. “Our strategic and competitive marketing process resulted in more than 14 written offers, the simultaneous issuance of four contracts to the most competitive bidders, and a sale price achieved within 98% of the original asking price. The sale price equated to $390 per buildable square foot.”
Cornejo, along with Shaun Riney and Sean Fopeano of Marcus & Millichap’s New York City office, represented the seller, Werwaiss Properties, and procured the buyer, BS Northern Realty LLC.
Built in 1941, the property sits on a roughly 5,000-square-foot lot measuring about 50 feet by 100 feet and allows for approximately 25,000 to 30,000 square feet of residential or mixed-use development.
The buyer plans to develop approximately 36 condominium apartments. In this pocket of Court Square in Long Island City, condominium sales typically range from $1,500 to $1,800 per square foot, depending on building amenities. The property is near the Court Square and Queens Plaza subway stations, offering access to the E, M, G, N, R, W and 7 lines.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2025, the company had 1,808 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 8,818 transactions in 2025, with a sales volume of approximately $50.9 billion. For additional information, please visit www.MarcusMillichap.com.
