A development site on Astoria‘s waterfront will soon be home to a new 17-unit residential building.
The CPEX Development and Conversion Team recently sold a 15,000-square-foot development site at 12-19 31st Dr. to local real estate developers GreenbergFarrow. CPEX said that the 11,170-square-foot footprint of the property offers 15,080 buildable square feet for residential development.
According to CPEX Real Estate, the developers bought the property for $3 million, and plan to demolish the existing walk-up building that stands on the property. Scott Loikits, the principal and design director for GreenbergFarrow, was listed as the applicant for the three-story on New York’s Department of Buildings website.
NIMBY first reported that GreenbergFarrow had applied for permits to the property back in May of this year.
The development is located a block away from Socrates Sculpture Park on the Astoria waterfront, and is also situated a block away from Broadway, Astoria’s main retail corridor.
Recently, Astoria’s waterfront property has been growing in popularity due to new developments in transportation, business and real estate. Last August, the NYC Ferry introduced an Astoria route, which makes stops at Long Island City, Roosevelt Island, 34th Street and Wall Street, as reported by QNS. The ferry was part of Mayor Bill de Blasio’s plan to make New York City accessible to more residents.
“The recent addition of ferry service to northern Astoria has fueled a new wave of residential development. This part of Astoria, which wasn’t popular as recently as a few years ago due to limited transportation options, is now one of the most sought-after markets in the city,” said Catherine Vintonik, an associate director and member of the CPEX Development and Conversion Team.
Sutherland Dyke, another associate director from the company, spoke about other recent developments along Astoria’s waterfront.
“With the addition of new developments along the waterfront, including the Durst Organization’s Halletts Point megaproject as well as numerous smaller scale projects, Astoria continues to strengthen its status as a great place to live for people seeking a strong sense of community and proximity to all five boroughs,” Dyke said.
Other members of the team include Managing Partner Brian T. Leary and Associate Director Jidan Kim.
A call to GreenbergFarrow’s offices for further information has not yet been returned.