SUMMER 2017 DEVELOPMENT ACTIVITY NEIGHBORHOOD FOCUS: ASTORIA & LONG ISLAND CITY

It has been a busy summer in the development world. In this month’s piece, I will focus on this summer’s development activity in Astoria and Long Island City. The average Price per Zoning Floor Area in this area equates to $261/ZFA this summer.

Below I will highlight 10 development site sales for June, July and August. (Price per Zoning Floor Area (ZFA) is calculated using as-of-right sf only)

1. 23-23 30th Road in Astoria sold for $3,100,000 on June 15. The lot dimensions are 41.5’ x 150’. The site is situated in a R6B Zone with 12,456 ZFA. The sales price equates to $249/ZFA.
2. 31-41 29th Street in Astoria sold for $2,225,000 on June 23. The lot dimensions are 25’ x 100’; situated in a R6A zone with 7,563 ZFA. The sales price equates to $294/ZFA.
3. 38-23 28th Street in Long Island City sold for $2,825,000 on August 9. The lot dimensions are 50’ x 100’; situated in a M1-2/R5B, LIC zone with 10,042 ZFA. The sales price equates to $281/ZFA.
4. 10-25 48th Avenue in Long Island City sold for $2,969,000 on July 24. The lot dimensions are 50’ x 100’ and is situated in a M1-4/R6B, LIC zone with 10,000 ZFA. The sales price equates to $297/ZFA.
5. 23-83 31 Street in Astoria sold for $5,100,000 on July 14. The lot dimensions are 75’ x 90’ and is situated in a C4-3 Zone with 22,953 ZFA. The sales price equates to $222/ZFA.
6. 2377-79 31st Street in Astoria sold for $3,400,000 on June 20. The lot dimensions are 50’ x 90’; situated on a C4-3 zone with 15,300 ZFA. The sales price equates to $222/ZFA
7. 40-40 24th Street in Long Island City sold for $5,000,000 on June 26. The lot dimensions are 75’ x 100’ and is situated in a M1-2/R5B, LIC zone with 15,000 ZFA. The sales price equates to $332/ZFA.
8. 37-27 32nd Street in Long Island City sold for $2,900,000 on June 12. The lot dimensions are 50’ x 95’, situated in a M1-2/R6A, LIC zone with 14,316ZFA. The slaes price equates to $202/ZFA.
9. 37-12 34th Street in Long Island City sold for $16,500,000 on June 7. The lot dimensions are 100’ x 195’ and is situated in a M1-2/R6A, LIC zone with 58,500 ZFA. The sales price equates to $282/ZFA.
10. 21-05 31st Avenue in Astoria sold for $2,139,000 on June 2. The lot dimensions are 25’ x 93’ situated in a R7A, C2-3 zone with 9,332ZFA. The sales price equates to $230/ZFA.

New Ground-up Developments have also been proposed this summer in Astoria & Long Island City. I highlight 7 of the most recent ones below:

1. 11-02 37th Avenue, LIC. The Black Car Fund has proposed to build a 5-Story, 39,969 SF commercial building for Car Storage and Offices. The property is located on the corner of 11th Street and 37th Avenue. NY Black Car Operators’ Injury Comp Fund, Inc., purchased this building, currently a factory situated on a 75’ x 100’ lot, back in 2016 for $8.1M, which equates to $202/ZFA.
2. 26-26 18th Street, Astoria – P & R Cp, LLC based out of Whitestone, NY has proposed to build a 4-Story, 7-Family Walk-up apartment building containing 4,981SF. The developer purchased this 25’ x 100’ lot in January of this year for $995k or $199.75/ZFA.
3. 4017-4025 28th Avenue, Astoria – The developer, based out of Malba, filed plans to build a 3-Story, 14,244SF (above grade) Commercial/Community Facility Building with Parking on this corner 75’ x 95’ lot. The property was purchased in December of 2016 for $3M or $210/ZFA.
4. 25-39 41st Street, Astoria – The developer, based out of Manhattan, has filed plans to build a 4-Story, Apartment Building with Community Facility. The residential portion will have 7,531 SF and the community facility portion will contain 1,343 sf. The property was purchased in 2015 for $1.7M or $225/ZFA.
5. 31-05 21st Street, Astoria – Li City Hospitality LLC has just proposed to construct an 8-Story, 15,463 SF apartment building containing 23 residential units. The developer purchased the 50’ x 67’ lot in December of 2016 for $2.75M or $177/ZFA.
6. Durst Origination’s 1st project in Queens: “Hallets Point” waterfront development is back on track with the passing of Affordable New York. The project consists of a 2.4 Million SF site with 7-Buildings containing 2,400 rental apartments. “Building One” is scheduled to open in 2018 and will feature 405 units.
7. Dursts 2nd project in Queens will be a new development on the former Clock Tower site in Long Island City. The developer filed for plans in June to construct a 710 foot high, 63-Story Residential Tower. The property will feature 763 Residential units over 786k SF of and 8.7k SF of Retail space. Durst purchased this site for approximately $174M in December 2016; that sales price equates to $218/ZFA.

This summer’s activity alone confirms one market fact: Smart money investors continues to pursue development opportunities in the Astoria & Long Island City markets at an aggressive pace.

Written by Rubin S. Isak, Senior Director | Eastern Consolidated

(Above Article published in the New York Real Estate Journal)

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About rubinisak

Exclusively representing sellers of investment property in NYC and the Outer Boroughs.
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