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Astoria retail building sells for $32M

Photo courtesy of Massey Knakal 

A corner retail building near the heart of Astoria’s Steinway Street commercial strip has been sold for $32 million.

Realty service Massey Knakal, which handled the transaction, announced the sale Friday of 2856-2860 Steinway St., which occupies the entire block front of 30th Avenue between Steinway and 38th streets in the burgeoning neighborhood.

The building houses a trio of long-term leases for New York Sports Club, JP Morgan Chase Bank and Duane Reade in more than 37,000 square feet. The sale breaks down to $627 per square foot.

The transaction indicates that investors are coming over from Manhattan and looking for new opportunities elsewhere, according to Massey Knakal chair Bob Knakal.

“With the value of retail properties in Manhattan increasing at a record breaking pace, it is not surprising to see demand spill over into the outer boroughs,” he said. “This transaction is a clear example of that dynamic, as there were many parties bidding who have been primarily Manhattan investors who are now broadening their property searches geographically.”

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