Cushman & Wakefield today announced that the firm has arranged the sale of a 108,000 buildable square foot development site located at 45-57 Davis Street in Long Island City, Queens. The final closing price was $21,650,000.

Cushman & Wakefield’sSenior Managing Director Stephen R. Preuss represented the seller, 45-57 Realty Corp, in the transaction. The site was purchased by The Vorea Group.

“The purchase presents a tremendous opportunity to capitalize on the growing demand for multiple asset classes in Long Island City,” saidStephen R. Preuss of Cushman & Wakefield. “Long Island City is rapidly emerging into a sought-after New York City neighborhood with its proximity to Manhattan and rising residential market.”

45-57 Davis Street contains three contiguous tax lots and offers 108,000 buildable square feet within multiple zoning districts (M1-5/R7-3/LIC), allowing for mixed-use, residential and commercial development. The development site’s lot is currently 216’ x 100’ and 21,600 square feet.

Located on the east side of Davis Street between Jackson Avenue and Skillman Avenue, the property is directly across from Five Pointz, the future site of a two-tower mega-rental project. 45-57 Davis Street is easily accessible from the G,7, F, E, M, and R subway lines, in addition to the LIRR.

About Cushman & Wakefield

Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.