NEW YORK, NY – March 8, 2016 – Ariel Property Advisors has announced the $3,875,000 sale of a three story, 7,950 square foot commercial building located at 10-09 49th Avenue in Long Island City’s Hunter’s Point neighborhood. The sales price translates to $487 per square foot.

Exclusive Agents Daniel Wechsler and Michael A. Tortorici represented the sellers, which are private investors, and Aaron Grumet of DY Realty, represented the buyer, also a private investor.

This architecturally distinct building has won several awards for its unique design, including the NY Council Society of American Registered Architects (SARA) Merit Award in 2001 and the American Institute of Architects (AIA) Brooklyn Award of Excellence in 2003. Featuring ground floor parking and office space on the two above floors, the office space is currently triple net leased to a national credit tenant.

“This sale and its elevated pricing per square foot underscores the aggressive appetite seen by investors looking to capitalize on Long Island City’s rapidly appreciating market,” said Daniel Wechsler, Vice President at Ariel Property Advisors.

10-09 49th Avenue is steps away from the Vernon / Jackson Avenue 7 train, which is one stop away from Grand Central Station in Manhattan. Also in Long Island City, Ariel Property Advisors is marketing two separate properties which are located at 35-02 Northern Boulevard and 45-34 Pearson Street - both offering prime attributes for future development.

Long Island City has continued to have a reputation as one of the fastest growing neighborhoods, not just in Queens, but in New York City. Featuring multiple commuting options, an evolving artistic culture and close proximity to Manhattan, Long Island City offers a more affordable option for commercial and multifamily real estate opportunities.