Astoria development site sells for $3.9 million to Real Estate Investment Firm
25-77 & 25-79 31st street are two 2-family properties that are located next door to each other on 31st street the buyer intended to buy it as a development sight. Together the properties will offer 50 feet of frontage and approximately 21,538 buildable square feet.
This development site comes as a surprise as supply has been on a decline in recent years. Do to the prime location of the assets; you can predict the potential for this development site. Overall, development of luxury condos has been making a major push in the last year or so.
Eastern Consolidated Associate Director Christos Savvinidis represented the seller, a private investor, and procured the buyer, a real estate investment firm, in this off-market transaction. Eastern Consolidated also represented the buyer and seller on another 2 deal recently, a vacant lot at 12-07 40th avenue in Long Island City and a 35 unit multifamily elevator building.