Astoria Development Site Sells for $58.15M at $1,212/SF
A development site in Astoria, NY sells for $58.15M at $1,212/SF.
A development site located at 26-01 4th Street in Astoria, NY has sold for 58.15M at a price per square foot of 1,212. The total square footage of the deal was 47,951. The sale was completed on March 22, 2021.
The buyer of the property has not been disclosed, but the seller was listed as the Durst Organization. The property was marketed by a team of brokers, whose identities have not been disclosed.
The development site is located in the heart of Astoria, a neighborhood in Queens, NY that has seen significant growth and development in recent years. The site is zoned for mixed-use development, which means that it can be used for a variety of purposes, including residential, commercial, and retail.
The sale of this development site is indicative of the strong demand for real estate in New York City, despite the challenges posed by the COVID-19 pandemic. The sale price of 58.15M is a testament to the value of well-located development sites in the city, and the price per square foot of 1,212 is in line with recent sales of similar properties in the area.
The Durst Organization, the seller of the property, is a well-known real estate developer and owner in New York City. The company has been involved in a number of high-profile projects in the city, including the development of One World Trade Center.
Overall, the sale of this development site in Astoria is a positive sign for the New York City real estate market, and demonstrates the continued demand for well-located properties in the city.