(To read more on the multifamily market, click here.)

LONG ISLAND CITY, NY-Once a warehouse hub, Long Island City is seeing new interest from developers that some say will set the city on its own two feet and take it out of Manhattan's and Brooklyn's shadow. The recent rezoning of many parts of the area from industrial to residential is encouraging developers to consider the area that was once unattractive. Two recent deals, although small according to Manhattan standards, shed light to LIC's booming market.

Marcus & Millichap Real Estate Investment Brokerage Co. recently sold a 1.7-acre development site here at 38-50 21st St. The property received 23 competitive bids and ultimately sold for $14 million to Jin S. Xu. Seller Pep Boys was represented by Marcus & Millichap's Mark Gjonbalaj and Glen Kunofsky. Bernard Strauss at Greiner-Maltz and Grace Liu of Great Eastern Realty secured the buyer.

The flurry of interested buyers and the higher-than-expected sale price point to the changing market. "It just continues to signify the changes that are occurring in the neighborhood," Gjonbalaj tells GlobeSt.com. "This particular site was always an auto-repair type property that wouldn't have served any other purposes if it wasn't for all the changes and new developments that are planned for the area and currently under way."