8-25 Astoria Boulevard – New Development
Another mega development could be on the rise in the northwest Astoria area.
The lot at 8-25 Astoria Boulevard was recently sold for $4.8 million and will be turned into a residential building.
Real estate firm Modern Spaces negotiated the sale and will represent the seller and buyer. There’s roughly 33,751 square feet available to build out.
“Northwest Astoria remains relatively undeveloped but with several major projects in the pipeline, this area contains some hidden jewels for developers both local and abroad,” Modern Spaces vice president of commercial development Even Daniel told the Queens Courier.
“With the land values in neighboring Long Island City hovering around $250 per buildable square foot,” Daniel said to the Queens Courier, “some may actually view the price point of this property, and several around it, as a ‘bargain’”.
The sale equates to $142 per buildable square feet, a distinct lower price than other properties in the surrounding areas. ‘
Just north of the projected construction site, there’s two mega developments currently in the works. Hallets Point and Astoria Cove will bring in around 4,000 units and there’s numerous other smaller residential projects planned in the same area.