CBRE Negotiates $63M Sale of Future Multifamily Development Site in Queens
NEW YORK CITY — CBRE has negotiated the $63 million sale of a future multifamily development site in the Long Island City area of Queens. The buyer, North Carolina-based Grubb Properties, plans to build a 17-story, 317-unit residential tower with 9,000 square feet of retail space at the 54,000-square-foot site. Demolition permits for the existing two-story building on the site were filed in May. Dan Kaplan and Elli Klapper of CBRE represented the seller, a private real estate family consisting of three limited liability companies, in the transaction. Handel Architects is the architect of record for the project.