Queens skyline.
NEW YORK CITY – Stellar Management, a New York City-based real estate operator specializing in multifamily, has teamed up with AKI Development, a real estate investment management firm, to buy a new development site in Astoria, Queens situated in an opportunity zone. The purchase price was $5 million.
"Coming off the success of our ground-up development at OTTO Greenpoint, we look forward to breaking ground on this project with the AKI Development team," said Adam Roman, a principal and the COO of Stellar Management, in a prepared statement. "AKI has close ties to the Astoria community and a proven track record that includes six developments in the market."
The 6,775-square-foot development site is located at 35-01 36th St. Upon completion, the retail and office building will have ten floors, a community facility and parking, totaling 55,000 square feet. Floorplates for the Class-A, the mixed-used property will range from 3,000 square feet to 8,000 square feet.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
