Long Island City Development Footprint Sells for $27M

A 26,000-square-foot development parcel in Long Island City, Queens, has sold for $26.84 million, according to public records.

The Domain Companies has purchased the sites at 35-33 41st Street and 35-45 41st Street from Mayer Malbin Realty.

These appear to be adjacent sites, with 35-33 41st Street being 10,000 square feet and 35-45 41st Street 15,800 square feet, according to an environmental work plan for the site.

Mayer Malbin acquired 35-33 41st Street from Queensboro Farm Products for $1.7 million in 2011, and bought 35-45 41st Street from Selpeck Realty in 1982. It is unclear how much they paid for the second site.

The Domain Companies has worked on several significant residential projects of late, including 420 Carroll, a $300 million, 27,000-square-foot, mixed-use property with 360 apartments at 420 Carroll Street in Brooklyn, which was completed in 2024; and Majestic, a mixed-use property with 255 apartments and 18,000 square feet of retail at 545 Sackett Street, also in Brooklyn, which is due for completion in 2026. 

Environmental site assessments were prepared for both 35-33 41st Street and 35-45 41st Street in 2024 on behalf of real estate developers The Vorea Group, a frequent joint venture partner of The Domain Companies, including on 420 Carroll and Majestic. Langan handled the assessments. 

The report for 35-33 41st Street described it as a 10,000-square-foot property featuring “a one-story warehouse with two concrete-paved loading docks at sidewalk level and a wooden floor that is about 4 feet above sidewalk grade,” as well as “an about 500-square-foot partial cellar.” It also mentions that the site is “bound by one- to two-story warehouses occupied by Queensboro Farm Products Inc. to the north; three, one-story auto repair shops to the east; a vacant one-story warehouse to the south; and 41st Street to the west.”

The report mentions that the building was “most recently occupied by Mayer Malbin, a piping materials distributor, but has been vacant since 2022.”

The report for 35-45 41st Street described it as a 15,800-square-foot site with a one-story warehouse and a 500-square-foot cellar. 

It is unclear what the current plans are for the sites, although Jon Gordon, an owner at Mayer Malbin, told CO that while he wasn’t certain, he thinks the new owners might be developing housing.

The exact nature of the partnership between the Domain Companies and the Vorea Group on this project is unclear. The Vorea Group did not immediately respond to a request for information, and the Domain Companies declined to comment through a representative. When asked about the buyer, Gordon seemed unfamiliar with the Domain Companies, but recognized the Vorea Group as the buyer.

Gordon claimed that the $26.84 million figure for the sale cited in public records was incorrect, but would not reveal anything further on the sale amount. He also said that there was a third site in the acquisition, that being 41-01 36th Avenue, which he said was across the street from the other two sites and the largest of the three. No further information was available on the sale amount or on this aspect of the sale.

Larry Getlen can be reached at lgetlen@commercialobserver.com.