Below I will highlight the details of several building transactions. The following sales have occurred in the 3rd and 4th Quarters of this year, in the Astoria neighborhood of Queens, New York.
1. 43-20 Astoria Boulevard is a gas station located on the corner of 44th Street and Astoria Blvd South. The lot is approximately 11,914 SF. The site traded on October 7, 2015 for $5,350,000. The seller is Astoria investor and the purchaser is located in College Point.
2. 30-27 Steinway Street is a 2-story, 5,740 SF Retail building located on Steinway Street between 30th and 31st Avenues. The building sold for $4,100,000 on November 18, 2015. The seller purchased this building in 2007 for $3,150,000.
3. 27-11 30th Avenue is a C1-3/R6A/R6B zoned 50’ x 104’ lot with over 15,500 SF of buildable SF. The site is located between 27th and 28th Street; one block away from Crescent Street. It traded for $4,300,000 on October 26, 2015. This healthy sales price equates to $275/Buildable SF. The buyer is an Astoria based contractor.
4. 21-13 31st Avenue is a 11,000SF Garage building on a 50’ x 143’ Lot. The site is in a R6A zone, giving this lot approximately 21,450 buildable sf. The property traded on October 20 2015 for $7,050,000. This sales price equates to roughly $328/Buildable SF. The purchaser is a New Hyde Park based contractor.
5. 25-34 36th Street is a 4-story, 7,151SF, apartment building built in 2007, with 8 free market units. The property is located between Astoria Boulevard South and 28th Avenue. It sold on September 16, 2015 for $3,400,000. The sales price equates to 16.6X Gross Rent, a 5.28% Capitalization Rate, $475/SF and $425,000/unit.
6. 24-39 28th Street is a 4-story, 8,355 Sq. Ft., 9-family walk-up apartment building. The building is located between 24th Avenue and Hoyt Avenue North. It sold for $2,175,000 on September 24, 2015. Both the seller and buyer are local investors.
7. 30-68 37th Street is a 3,600 SF., 3-story, 6-unit, walk-up apartment building. The property sold for $1,820,000 on September 30, 2015. The purchaser is a private investor from Maspeth. The sales price equates to $505/SF and $303,000/unit.
8. 30-16 Steinway Street sold for $1,725,000 in August 10 of this year. Three months later, on November 16, 2015, the property changed hands again; this time for $2,450,000. A $725,000 increase 90 days! The property is a 3,625SF, 2-Story, mixed-use building between 30th Avenue and 31st Avenue.
9. 30-14 Steinway Street sold for $3,300,000 on November 2, 2015. The property has 30 feet of frontage on Steinway Street and is a 6,930SF, 3-Story mixed-use building. The owner financed $2.45M of this purchase.
Along with these sales, Astoria has seen a steady stream of new development projects. I will touch on the most recent filings below: (November 2015)
1. The owners of 30-11 12th Street, located on the corner of 30th Avenue, have just filed plans for a 31,743 SF, 5-Story apartment building. They are looking to build 38 apartments and 24 enclosed parking spaces.
2. At 31-10 28th Road, the developer has filed plans to construct a 12,693 SF, 5-Story apartment building with 18 residential units. The development will also have 6 enclosed parking spaces.
3. Developers are proposing an 8-Story, Mixed-use project on their site at 21-07 Astoria Boulevard. They are calling for 37,995 SF of residential and 9,017 SF of commercial space for a total of 47,012 SF. The site will have 55 apartments and 28 enclosed parking spaces.
4. At 30-63 31st Street, the owners have filed plans to erect a 22,763 SF, 7-Story Mixed-use Building. 7,116 SF of that will be commercial; 515 SF will be used as community facility and 15,131 SF will be used for residential. There will be 23 apartments along with thirteen enclosed parking spaces.
5. A new Hotel has been planned for 37-17 12th Street. The site is located in a M1-3 (light manufacturing) district. The owners have filed to erect a 25,040SF, 11-Story, 77-unit, transient hotel.
With higher apartment and retail rental rates, higher price per SF and land prices than we have seen ever before, Astoria is, and I believe, always will be one of the strongest real estate markets in the 5 Boroughs.