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Successful Sale of 51-18 Vernon Boulevard in Long Island City, Queens
Bob Knakal successfully closed the sale of 51-18 Vernon Boulevard, a prime waterfront development site in Long Island City, Queens. This transaction demonstrates BKREA’s ability to secure favorable outcomes for sellers of high-value land parcels. The sale was led by Bob Knakal and supported by the BKREA team.
Boasting over 134,000 buildable square feet, the property offered a rare opportunity along Vernon Boulevard with immediate potential for large-scale residential or mixed-use development.
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Sale Details
This transaction closed on June 7, 2005, for $10,700,000, reflecting a strong $79.80 per buildable square foot. The buyer, Charles Papamichael, recognized the site’s potential in the early stages of Long Island City's residential transformation, while the seller, Ray Larkin, a high-net-worth individual, benefited from increasing land demand along the Queens waterfront.
- Sale Price: $10,700,000
- Price per BSF: $79.80
- Buyer: Charles Papamichael
- Seller: Ray Larkin
- Sale Date: June 7, 2005
- Asset Class: Development Site
Property Details
Located on Vernon Boulevard between 51st and 52nd Avenues, the site is positioned in one of Long Island City’s most desirable residential corridors. The property consisted of two buildings across a single lot with ample buildable square footage, making it an attractive canvas for developers seeking waterfront appeal and proximity to Manhattan.
- Full Address: 51-18 Vernon Boulevard, Long Island City, NY 11101
- Block / Lot: 34 / 46
- Total Buildable SF: 134,090
- Submarket: Hunters Point, Long Island City
- Zoning: Suitable for residential or mixed-use development
Investment Highlights:
- Located along the Vernon Boulevard waterfront
- Over 134,000 buildable square feet
- Just minutes from the Vernon-Jackson 7 train station
- Strong rental and condo market demand in the area
Market Strategy and Positioning
This sale was completed during a pivotal moment in Long Island City’s transformation from an industrial enclave into a booming residential neighborhood. Bob Knakal identified the property’s potential as a key waterfront site and marketed it to developers eager to capitalize on the area’s rezoning and proximity to Manhattan.
The property’s scale, waterfront location, and immediate access to transit were emphasized to attract competitive bids. Bob’s precise knowledge of zoning and development incentives helped present the site as a long-term value-add investment.
Neighborhood Overview
Long Island City has quickly become one of New York City’s most sought-after residential destinations. Once dominated by industrial facilities, it now features luxury towers, cultural institutions, and vibrant retail corridors, particularly in the Hunters Point section where this site is located.
Neighborhood Highlights:
- Vernon Boulevard’s waterfront promenade and green space
- Close to Gantry Plaza State Park and the East River Ferry
- Proximity to MoMA PS1, cafes, and new high-rise development
- One subway stop from Grand Central via the 7 train
Conclusion
The sale of 51-18 Vernon Boulevard highlights Bob Knakal’s ability to navigate complex development opportunities and deliver outstanding results for sellers. This deal not only marked a significant transaction in Long Island City’s early evolution but also reaffirmed BKREA’s leadership in land sales across emerging neighborhoods in New York City.
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Frequently Asked Questions
Q1: What makes 51-18 Vernon Boulevard a valuable development site?
Its large buildable square footage and waterfront location in Long Island City make it ideal for high-end residential or mixed-use development.
Q2: What was the sale price and price per square foot for the site?
The property sold for $10,700,000, equating to approximately $79.80 per buildable square foot.
Q3: Where exactly is this property located?
The property is at 51-18 Vernon Boulevard, between 51st and 52nd Avenues in Hunters Point, Long Island City, Queens.
