The CPEX Development and Conversion sales team has sold a 15,000-square-foot development site in Astoria for $3 million, which translates to $199 per buildable square foot.
The buyer, a local developer, plans to demolish the existing walk-up building on the site and develop a three-story, 17-unit residential property.
The site is located at 12-19 31st Drive, one block away from Socrates Sculpture Park on the Astoria waterfront and one block away from Broadway, Astoria’s main retail corridor. The 11,170-square-foot footprint offers 15,080 buildable square feet for residential development.
CPEX’s Development and Conversion team, consisting of Managing Partner Brian T. Leary and Associate Directors Catherine Vintonik, Sutherland Dyke, and Jidan Kim, represented the seller in this transaction. CPEX also procured the buyer.
“The recent addition of ferry service to northern Astoria has fueled a new wave of residential development,” said Vintonik. “This part of Astoria, which wasn’t popular a few years ago due to limited transportation options, is now one of the most sought-after markets in the city.”
“With the addition of new developments along the waterfront, including the Durst Organization’s Halletts Point megaproject, as well as numerous smaller scale projects, Astoria continues to strengthen its status as a great place to live for people seeking a strong sense of community and proximity to all five boroughs,” Dyke said.
For further information, please contact CPEX at nbohlen@cpexre.com, or at (718) 935-1800.
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