Dick DiBlasi has sold 112-21 Northern Boulevard, a development site in Corona, Queens, to a private Chinese investor for $17 million.
The land includes the site of DiBlasi Ford, a car dealership, and is zoned for up to 357,000 square feet of development. The dealership is actively negotiating to relocate within Corona, according to a statement announcing the sale.
According to the statement, the buyer is planning major construction at the site. The triangular parcel of land, which is located in close proximity to Citi Field, initially hit the market a year ago asking $21 million.
“We are thrilled to continue to represent owners of large tracks of land in the New York City boroughs and assist with the transformation of entire neighborhoods,” said David Schechtman, principal and executive managing director at Eastern Consolidated, who represented both the buyer and the seller, in a prepared statement. “The sale of 112-21 Northern Boulevard was a twelve month process. The broad and widespread marketing program resulted in a significant positive outcome.”
The Queens real estate market has seen an influx of foreign capital in recent years, with buyers from Canada, Latin America, Europe and Asia were among those interested in the market, Mr. Schechtman told The Commercial Observer last year. “You really have an international market, an international buyer pool,” he said.
The Corona/Flushing area of Queens is set for thorough redevelopment in the coming years. As reported by The Commercial Observer, the New York Economic Development Agency, agreed to sell 23 acres of land to Queens Development LLC, a joint venture between Sterling Equities and the Related Companies, for $1. The plot of land, which borders the New York Mets’ Citi Field, is the target of the developer’s $3 billion development plan.