Real Estate in RI: Record-breaking Woonsocket Land Sale with Engel & Völkers – Emilio DiSpirito

Engel & Völkers secures visionary developer to reimagine city living with upscale condominium project on Fourth Avenue

In a landmark transaction redefining land values in northern Rhode Island, a prime Fourth Avenue parcel in Woonsocket (MLS #1372065) has sold for $420,000, achieving one of the highest land sale prices per square foot and per acre in the city’s MLS history. The deal was brokered by Emilio DiSpirito, License Partner and Private Office Advisor with Engel & Völkers Oceanside, whose developer-focused approach and global marketing reach were pivotal in securing the perfect buyer.

The property’s seller, Greg Rice, of Nexus Property Management, credits DiSpirito’s expertise and creative strategy for the record-breaking result.

“After developing the America First Apartments on Second and Third Avenue, I faced a decision about what to do with my vacant Fourth Avenue parcel—prime land with potential for 16+ condos or apartments,” said Rice. “I chose Emilio DiSpirito of Engel & Völkers because he knows the area, is a developer himself, and was already advising me on America First Apartments. His expertise in design, construction, and city processes gave me confidence.

Emilio thought outside the box, suggesting I work with my architect to create a conceptual rendering of what could be built to attract the right buyer and maximize value. His strategy worked—we secured a visionary buyer and closed the deal smoothly. It was a win for me, for Emilio, for the buyer, and for the community.”

Through Engel & Völkers’ global marketing platform, DiSpirito and his team cast a wide net, attracting interest from developers across New England and beyond. The buyer—an established developer with a successful record of high-quality residential projects—was drawn to the parcel’s potential and Woonsocket’s emerging opportunity for growth.

The new development concept envisions a collection of luxury one-bedroom condominium units designed for young professionals seeking elevated living experiences at attainable prices. The buyer has once again partnered with Engel & Völkers to handle the marketing and sale of these upcoming residences, signaling confidence in the brokerage’s unmatched positioning within the luxury real estate sector.

“This sale isn’t just about a high price—it’s about progress,” said DiSpirito. “It reflects a shift in how investors are viewing Woonsocket: as a place where modern design, accessibility, and community can intersect. Our mission was to pair vision with opportunity—and we achieved exactly that.”

This transaction marks a pivotal step in the city’s continued revitalization, bringing renewed attention to Woonsocket’s potential as a destination for modern housing and sustainable urban growth.

About Engel & Völkers

Engel & Völkers is one of the world’s leading companies specializing in the brokerage of premium residential and commercial properties, yachts, and aircraft. With over 1,100 shops in more than 33 countries and a network of 17,000+ real estate professionals, Engel & Völkers combines global reach with local expertise, delivering concierge-level service and world-class marketing for every client.

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