Long Island City, Queens, December 25, 2025
A retail condominium in Long Island City, located at 21-30 44th Drive, has been sold for $13 million to Lumison Holdings LLC. The 9,600-square-foot unit, part of the Corte luxury condominium, previously listed at $17.75 million, showcases the strong demand for retail spaces in the area. The sale reflects a significant market trend, with retail transactions in Queens showing a remarkable increase in dollar volume compared to last year.
Long Island City Retail Condo Sells for $13 Million
Long Island City, Queens – A retail condominium at 21-30 44th Drive in Long Island City has been sold for $13 million. The buyer, Lumison Holdings LLC, is a Flushing-based company associated with Jing Wan. The 9,600-square-foot unit, located in the Corte luxury condominium, was purchased at approximately $1,354 per square foot. The developers of the project include SK Development, CB Developers, and Ironstate Development.
Details of the Transaction
The retail space, situated in the Court Square area, was previously listed for $17.75 million, equating to about $1,103 per square foot. The unit is part of a mixed-use development that also includes 85 residential condominiums. The retail space features 170 feet of frontage along 44th Drive and has been leased to tenants such as Club Pilates, Row House, and Bright Start Child Learning Center.
Context and Market Trends
This sale reflects the ongoing demand for retail properties in Long Island City. In the first half of 2024, the retail asset class in Queens saw a 136% increase in dollar volume compared to the same period in 2023, with a total of $277.8 million in transactions. The average price per square foot for retail spaces during this period was $724, representing the highest figure since 2018.
About the Corte Luxury Condominium
The Corte luxury condominium is an eight-story, 131,286-square-foot mixed-use development in Long Island City’s Court Square neighborhood. The project includes both residential and retail spaces, with the retail units offering significant frontage along 44th Drive. The development has attracted various tenants, contributing to the area’s growing appeal.
Recent Retail Property Sales in Long Island City
Recent transactions in the area highlight the robust retail property market. A retail unit at 21-30 44th Drive sold for just under $7 million, which was also purchased by Lumison Holdings LLC. Additionally, a three-building office portfolio in Manhasset was sold for $3.9 million, indicating continued investor interest in the region.
Conclusion
The sale of the retail condominium at 21-30 44th Drive underscores the strong demand for retail spaces in Long Island City. The area’s strategic location and ongoing development projects continue to attract investors and tenants, contributing to its dynamic real estate market.
Frequently Asked Questions (FAQ)
What is the sale price of the retail condominium at 21-30 44th Drive?
The retail condominium was sold for $13 million.
Who purchased the retail space at 21-30 44th Drive?
The buyer is Lumison Holdings LLC, a Flushing-based company associated with Jing Wan.
What is the size of the retail unit at 21-30 44th Drive?
The retail unit spans 9,600 square feet.
What tenants occupy the retail space at 21-30 44th Drive?
The retail space is leased to Club Pilates, Row House, and Bright Start Child Learning Center.
What is the average price per square foot for retail spaces in Queens as of the first half of 2024?
The average price per square foot for retail spaces in Queens during the first half of 2024 was $724.
Key Features of the Retail Condominium at 21-30 44th Drive
| Feature | Details |
|---|---|
| Sale Price | $13 million |
| Buyer | Lumison Holdings LLC, associated with Jing Wan |
| Size | 9,600 square feet |
| Price per Square Foot | Approximately $1,354 |
| Location | 21-30 44th Drive, Long Island City, Queens |
| Developers | SK Development, CB Developers, Ironstate Development |
| Leased Tenants | Club Pilates, Row House, Bright Start Child Learning Center |
| Frontage | 170 feet along 44th Drive |
| Residential Units in Development | 85 condominiums |
Now Happening on X
- @NYBizJournal (December 24, 2025): The retail condo at The Corte sold with four tenants already locked into leases that extend well into 2030. View on X
- @NotHoodlum (December 5, 2025): Luxury home sales surged in November in New York, with 176 contracts signed for properties priced at $4 million or more—a 25% increase from October. View on X
- @tradedny (December 23, 2025): A mixed-use portfolio at 595 Baltic Street & 577 Baltic Street in Brooklyn sold, including 3 commercial and 97 residential units. View on X
- @tradedny (December 23, 2025): Rego Park Retail Portfolio in Queens was sold to Malachite Group. View on X
- @realtordotcom (December 23, 2025): Manhattan luxury home sales slowed ahead of the holidays, with 21 contracts signed at $4 million and above in the week ending December 21, down from the prior week. View on X
- @NextHomeRes (December 22, 2025): Fifth Avenue co-op and a new development maisonette topped Manhattan’s luxury market. View on X
- @StuartwElliott (December 18, 2025): A $129M condo sale at 80 Clarkson marks the biggest home sale in Manhattan in a long time and the biggest ever Downtown. View on X
- @CelestePandhi (December 19, 2025): NoLIta Market Snapshot shows big price swings, longer days on market, and a luxury-driven buyer pool in one of NYC’s stylish neighborhoods. View on X
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