A Queens-based developer who bought a prime Long Island City site for $8 million three years ago flipped the property for nearly six times that amount.
Developer Steve Cheung closed earlier this month on the $46.3 million sale of the site at 29-37 41st Avenue in the Queens Plaza section of Long Island City.
The buyer is an unidentified institutional investor. The site has a buildable square footage of roughly 205,000 square feet and comes with approvals for a 30-story residential tower with 242 units.
The deal worked out to $225 per buildable foot. When Cheung paid $8 million in 2011 for the site – then a failed hotel project planned during the housing boom – he paid about $40 per square foot.