Press Releases
Marcus & Millichap Brokers Sale of Long Island City Development Site for $9.38M
April 09, 2026
NEW YORK, April 9, 2026 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of 28-04 41st Avenue, a development site in Queens, New York for $9,375,000.
“Through a highly competitive marketing process, we drove pricing to achieve the full asking price for our client,” said Sean Fopeano of the NYM Group of Marcus & Millichap in the firm’s New York City office. “This outcome reflects the strong demand we are seeing for well-located development sites throughout Queens.”
Fopeano, Shaun Riney, Joe Koicim, and David Cornejo of Marcus & Millichap represented the seller, a private family, and procured the buyer, Jade Century Properties.
The property is located just north of Queens Plaza in Long Island City on a 5,000-square-foot corner lot. Zoned M1-5/R7-3 within the Special Long Island City Mixed-Use District, the site allows for approximately 25,000 to 30,000 buildable square feet, supporting residential, commercial or mixed-use development.
It is within walking distance of Court Square and Queensboro Plaza, offering direct access to Midtown Manhattan. The surrounding area includes a mix of high-rise residential towers, office buildings and neighborhood retail.
“Through a highly competitive marketing process, we drove pricing to achieve the full asking price for our client,” said Sean Fopeano of the NYM Group of Marcus & Millichap in the firm’s New York City office. “This outcome reflects the strong demand we are seeing for well-located development sites throughout Queens.”
Fopeano, Shaun Riney, Joe Koicim, and David Cornejo of Marcus & Millichap represented the seller, a private family, and procured the buyer, Jade Century Properties.
The property is located just north of Queens Plaza in Long Island City on a 5,000-square-foot corner lot. Zoned M1-5/R7-3 within the Special Long Island City Mixed-Use District, the site allows for approximately 25,000 to 30,000 buildable square feet, supporting residential, commercial or mixed-use development.
It is within walking distance of Court Square and Queensboro Plaza, offering direct access to Midtown Manhattan. The surrounding area includes a mix of high-rise residential towers, office buildings and neighborhood retail.
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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.
