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Acquisitions

Carmelo Giuffre acquires LIC development site

Site is zoned M1-5

39-04 Northern Boulevard (Credit: Google Maps)

Carmelo Giuffre’s Bay Ridge Auto Group has acquired 39-04 Northern Boulevard from Marathon Petroleum for $31 million, according to public records and TRD. The LIC development site lies within an M1-5 zoning district (retail, commercial, and manufacturing), and allows for the development of 194,585 SF.

Worth Noting: The former Speedway gas station sits next to Bay Ridge Auto’s property at 40-40 Northern Boulevard, which currently houses its Lexus dealership. Together, the two properties allow for the development of 694,605 SF. The deal was part of Bay Ridge Auto’s 1031 exchange from the sale of 646 11th Avenue to CBSK Ironstate.

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