Marcus & Millichap Closes $9.75M Sale of Court Square Development Site to BS Northern Realty

Why It Matters

The deal underscores robust appetite for residential development in Queens, driven by transit‑rich locations, and demonstrates Marcus & Millichap’s ability to leverage market intelligence to exceed pricing expectations.

Key Takeaways

• Sale price $9.75M, $390 per buildable sq ft.
• 14 offers generated, four contracts issued simultaneously.
• Lot size 5,000 sq ft, potential 25‑30k sq ft development.
• Buyer plans 36 condominium units on site.
• Proximity to seven subway lines boosts market appeal.

Pulse Analysis

Long Island City has evolved from an industrial enclave into one of New York’s most coveted residential corridors. The borough’s proximity to Manhattan, combined with a dense subway network, has attracted developers seeking high‑density projects that can command premium rents. Recent zoning adjustments have further unlocked buildable square footage, allowing parcels as small as 5,000 sq ft to accommodate 30,000 sq ft of mixed‑use space. In this environment, the 42‑81 Hunter Street site represents a textbook example of how limited‑size lots can be transformed into lucrative condominium complexes.

The Marcus & Millichap transaction illustrates the power of data‑driven brokerage tactics. By deploying real‑time market intelligence, the New York team generated fourteen qualified offers and simultaneously presented four contracts to the most competitive bidders, creating a controlled auction that pushed the final price to 98 % of the seller’s original ask. Pricing the property at $390 per buildable square foot reflected both the site’s intrinsic value and the broader market’s willingness to pay for transit‑adjacent assets. Such a disciplined process not only maximizes seller returns but also accelerates deal velocity in a crowded pipeline.

For investors, the sale signals confidence that Queens will continue to absorb new condominium supply without oversaturating the market. The buyer’s plan for 36 units aligns with demographic trends favoring smaller households and urban living, while the seven‑line subway connectivity ensures sustained demand. As developers replicate this model on similarly sized parcels, we can expect a cascade of mid‑rise projects that reshape the skyline and bolster local tax bases. Stakeholders should monitor upcoming zoning reviews and financing conditions, which will dictate the pace of future transactions.

Deal Summary

Marcus & Millichap closed the $9.75 million sale of the 42-81 Hunter St. development site in Long Island City, Queens. The seller, Werwaiss Properties, sold the roughly 5,000‑square‑foot lot to BS Northern Realty LLC, which plans to develop about 36 condominium apartments.