Mordechai Schwimmer Purchases Development Site From Matthew Baron For $28 Million In Long Island City

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A prime development site at 44-68 Vernon Boulevard in Long Island City, Queens, has traded for $28,000,000. The transaction involved the sale of a 103,381-buildable-square-foot development site from Matthew Baron to Mordechai Schwimmer, reflecting continued investor demand for well-located development opportunities in one of New York City's fastest-growing neighborhoods.

The sale was exclusively represented by BKREA's Bob Knakal, Seth Samowitz, and Genessy Jaramillo, who advised the seller throughout the transaction.

Key Takeaways from the Transaction

• $28 Million Development Site Sale

The property sold for $28 million, equating to approximately $271 per buildable square foot, highlighting the continued value of entitled development land in Long Island City.

• Long Island City Remains a Highly Active Development Market

With its proximity to Midtown Manhattan, expanding residential population, and ongoing infrastructure investment, Long Island City continues to attract developers seeking large-scale residential and mixed-use opportunities.

• Large Development Potential

The site offers approximately 103,381 buildable square feet, providing substantial flexibility for future development and long-term value creation.

• Experienced Investor Acquires Strategic Asset

Buyer Mordechai Schwimmer acquired the property as part of continued investment activity in New York City's development market, where well-positioned land remains in demand despite evolving market conditions.

• BKREA Represented the Seller

Bob Knakal, Seth Samowitz, and Genessy Jaramillo of BKREA represented seller Matthew Baron, leveraging the firm's expertise in marketing development sites and identifying qualified buyers.

• Land Values Continue to Reflect Long-Term Confidence

While capital markets remain disciplined, investors continue pursuing development sites in premier neighborhoods with strong fundamentals and future growth potential.

• Development Sites Remain a Core Investment Strategy

The transaction demonstrates ongoing confidence in New York City's long-term residential development market as developers position themselves for future projects.

Why This Transaction Matters

Long Island City has become one of New York City's most dynamic development markets over the past two decades. Large-scale rezonings, improved transportation access, and sustained residential demand have transformed the neighborhood into a major destination for developers and institutional investors.

This transaction reinforces the continued appeal of development sites with significant buildable square footage, particularly those capable of supporting future residential projects.

Property Overview

Property: 44-68 Vernon Boulevard

Location: Long Island City, Queens

Property Type: Development Site

Sale Price: $28,000,000

Price per Buildable SF: Approximately $271

Buildable Square Footage: 103,381 SF

Buyer: Mordechai Schwimmer

Seller: Matthew Baron

Seller's Representatives: BKREA – Bob Knakal, Seth Samowitz & Genessy Jaramillo

Frequently Asked Questions

What property was sold?

The transaction involved the development site at 44-68 Vernon Boulevard in Long Island City, Queens.

How much did the property sell for?

The site sold for $28 million, or approximately $271 per buildable square foot.

How large is the development site?

The property contains approximately 103,381 buildable square feet.

Who purchased the property?

The buyer was Mordechai Schwimmer.

Who represented the seller?

The seller, Matthew Baron, was represented by Bob Knakal, Seth Samowitz, and Genessy Jaramillo of BKREA.

Why is this sale significant?

The transaction highlights the continued strength of the Long Island City development market and investor demand for well-located development sites with substantial future development potential.

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