Astoria Development Site Sells for $3.8M to Mike Politidis

Mike Politidis, a local developer, has acquired a development site in Astoria, Queens for $3.775M. The property, located at 12-16 30th Ave, is a 14,800 square foot development site with an R6B zoning designation. The site is located in a Qualified Opportunity Zone (QOZ), which provides tax incentives for investors who develop in designated areas.

The property was listed by brokers Andreas Efthymiou and Stephen R. Preuss of @TeamPreuss and @AndreasEfthymiou_. The asking price for the property was 3.8M, and the sale price was 3.775M, which equates to a price per buildable square foot (PPBSF) of $255.

Astoria has seen a surge in development activity in recent years, with several new residential and commercial projects underway. The neighborhood’s proximity to Manhattan and its diverse mix of restaurants, bars, and shops have made it a popular destination for young professionals and families.

The buyer, Mike Politidis, has a track record of developing residential and mixed-use properties in Queens. He is currently working on several projects in the borough, including a 50-unit rental building in Long Island City and a mixed-use development in Astoria.

The seller, Sal Meli, is a local real estate investor who has owned the property for several years. He acquired the site in 2014 for $1.6M and had originally planned to develop a mixed-use building on the site.

Overall, the sale of this development site in Astoria is indicative of the strong demand for development opportunities in the neighborhood. With its prime location and favorable zoning, the property is well-positioned for future development.