Robert Moser’s $94,000,000 Christmas Gift
Real Estate mogul Robert Moser splurged this Christmas season. Moser completed the purchase of 31-07 20th avenue in Astoria, Queens at a price of $94,000,000. Stephen Mcknight of PR III/MD Astoria Storage, LLC was the seller. The hefty price tag came in at $539 dollars per buildable. The lot boasts 87,120 square feet, and with M3-1 zoning Moser’s company, Prime Storage Group, will be able to build one big storage facility.
This is yet another investment for Moser in the New York Metropolitan area. Last October Moser was the buyer of 1098 Rockaway Ave, a property he dished out $53,000,000 to purchase, again from Mcknight.
The Astoria lot is ideal for Prime Storage Group, it not only provides enough space for a major storage facility it sits at the end of 31st in Astoria, a two-way street going through the heart of Long Island City. The location is perfect for swarm of people bound to move into the area with all the new residential developments in the area.
Self-storage has been trending in Astoria. Recall last March when Yimby reported that plans were filed to demolish the single-story warehouse at 22-285 46th street and build a three story 103,600 square foot warehouse. The property at 31-07 20th Ave also came with plans to build 175,200 square feet of self-storage space, making it an attractive investment. Jonathan Eshaghian, who specializes in Investment Sales in Queens, said “this is obviously a big deal, in November the property across the street sold for $6,450,000. If you own commercial space in Long Island City or Astoria, especially a property with air rights, you have to be thinking about how your property’s value is changing in the new year.”
Apartment and condo growth in Long Island City and Astoria is through the roof, leaving some concerned if the spaces will fill up. Not only do we expect the spaces to fill up but with L line shutting down in 2019 Queens Beans expects many Brooklyn residents to make the move north. Those that commute will enjoy the easy access to Manhattan and as well as the ritzy Brooklyn like atmosphere Long Island City and Astoria has begun to develop. Brad Rutkin, also of Marcus and Millichap, is in expert in the Astoria real estate market. We asked Brad about everything he is seeing going into 2018 he said “There are some condos already asking over $1300 per square foot in Astoria and Long Island City and condo developers are taking notice, but with the condo developers come the storage kings. This area of Queens is really transforming itself. We are bullish on where the market is heading.”