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Massive Maspeth development site along Newtown Creek sold for $55.8M

Photo via Google Maps

A 12-acre development site along the Newtown Creek in Maspeth has sold for $55.8 million.

According to The Real Deal, the 12-acre site was purchased by Parkwill Management Corporation, a Midtown East-based investment firm. The site is located between the Newtown Creek and 57th Avenue, and has more than 1 million square feet of buildable space.

ABS Partners Real Estate marketed the site for the seller since 2014, and the deal closed earlier this month on May 9. ABS is also responsible for marketing two smaller development sites in Maspeth, one at 42-02 56th Rd., which has more than 193,000 buildable square feet, and at 44-02 57th Ave., which recently sold for $8.6 million and has more than 130,000 buildable square feet, The Real Deal reported.

These sites previously housed copper manufacturing facilities until the 1980s, according to The Real Deal. The properties are described as ripe for the development of warehouse or light manufacturing facilities. They are located in an M3-1 zone, which allows for heavy industry use, light manufacturing, distribution, storage and other commercial uses.

QNS reached out to ABS Partners for further details about the sale and is awaiting a response.

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