NEW YORK CITY—A future residential development site in Astoria has traded for more than $8 million.
Cushman & Wakefield reports that the site of a current 10,000-square-foot warehouse building has been acquired by privately held Blue Mountain Capital, LLC from Kenneth Trading Corp. for $8.2 million.
The deal for 11-35 31st Drive calculates out to approximately $241-per-buildable-square-foot based on the nearly 34,000 square feet that can be built at the site.
Cushman & Wakefield senior managing director Stephen R. Preuss and senior associate Andreas Efthymiou represented the seller in the transaction.
“With the recent opening of the Astoria Ferry Terminal, the nearby subway stations and the proximity to Manhattan, 11-35 31st Drive is located in a growing residential neighborhood,” said Preuss. “As demand for residential development continues to rise in Astoria, the buyer has made an exceptional investment.”
The property, which is less than a half mile from the Astoria Ferry Terminal, currently feature a warehouse building consisting of ground floor and mezzanine space. It is currently net-leased through March 2019 to a single tenant. The lot totals approximately 9,850-square-feet and features an estimated 98 feet of frontage on 31st Drive.
The property sits in an R7A/R5B zone, which allows for a maximum 33,982 buildable square feet for residential development, Cushman & Wakefield reports.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
