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NEW YORK CITY — JLL has brokered the $47 million sale of a development site located at 45-40 Vernon Blvd. in the Long Island City neighborhood of Queens. The site, which formerly housed the Paragon Paint factory, is approved for the development of a 192,000-square-foot community. Once completed, the complex will comprise 202 units across 21 stories.
Brendan Maddigan, Rob Hinckley, Michael Mazzara, Ethan Stanton, Winfield Clifford and Vickram Jambu of JLL arranged the deal. The seller was a joint venture between Quadrum Global, Baron Property Group and Simon Development. The buyer was ZD Jasper Realty. Morris Adjmi Architects designed the community.