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EXCLUSIVE: L.I.C. 5-story Rowhouse Sells for Eye-popping $3M

New York Daily News // Sep 27, 2013

Eyal Schuster decided to take on this small house because he spotted big profits. Developer bought the long-abandoned home for only $400,000 in October 2011.

All the attention in real estate circles has been on the shiny, new apartment towers popping up all over Long Island City.

But the real action is taking place behind the walls of a century-old rowhouse in the Queens waterfront hood.

The five-story, six-bedroom home at 531 51st Ave. just sold for $3 million — smashing neighborhood records for a single-family home.

No property had even broken the $1.5-million threshold, records show.

“It just sets a whole new stage for the neighborhood,” said CORE broker Doron Zwickel, who had the listing with Brittany Fox.

Original Article: New York Daily News