The owner of another Astoria waterfront site with potential for a large development could sell the property for four times its last selling price as the neighborhood continues its hot streak.
The property at 30-55 Vernon Blvd., which Eastone 26 Ave LLC bought for $8.2 million last year, is now up for sale again and there have been offers of around $35 million, said Stephen Preuss of real estate firm Massey Knakal, which is marketing the site.
At that price, the property would trade for nearly $230 per buildable square foot, which would rank among the top land prices in Astoria. This would mean that prospective owners would most likely focus on a residential development to cover the purchase price and maximize profits, Preuss said.
Currently, a warehouse and parking lot occupy the 37,116-square-foot site, enough to erect a structure with 140,665 buildable square feet.
If air rights from the adjacent residential properties were purchased or a rezoning occurred, the property could have up to 220,000 buildable square feet, Preuss said.
Preuss imagined the best use for the site would be a mixed-use development with ground-floor retail, an office or event space on the second floor, and condos on the remaining floors.
“This area is quickly emerging, and the site holds immediate value with its waterfront location along with the benefit of several local mega-projects underway,” Preuss said.
The Astoria waterfront has been scorching hot recently with planned projects like the enormous Astoria Cove, which received the green light from the City Council last month, and the Durst Organization’s Hallets Point project.
In addition to those projects, construction is planned next year for a glassy 77-condo building by developer New York Lions Group not far from the waterfront.
Also, in October, developer Shibber Khan paid $57 million for a waterfront site at 11-12 30th Dr., which has 460,000 buildable square feet. It is located just a block south of the Eastone 26 Ave LLC property.
RECOMMENDED STORIES
