Two Astoria lots sold for $11.5 million; broker touts potential for bigger development

26-24 & 26-26 Fourth Street
Photo courtesy of Lee Associates

Lee & Associates NYC announced on Thursday that they facilitated the sale of a large commercial property in Astoria.

The property, which encompasses 26-24 & 26-26 Fourth St., sits in the Hallets Cove subsection of Astoria and sold for $11.5 million to Bruman Realty.

The property contains two lots totaling 25,473 square feet of buildings, with a 20,000-square-foot warehouse and vacant land on one of the lots. A total of 67,982 square feet can be built on the property as of right.

Alfonso Holloman, CCIM, senior managing director/principal of Lee & Associates NYC, arranged the sale of the property.

“Located in the Astoria neighborhood of Hallets Cove, this property couldn’t be positioned better in terms of development opportunities,” said Holloman, who represented both Bruman Realty and the unnamed seller. “The combination of the recent Amazon announcement and the Durst Organization’s seven-building megaproject currently under construction nearby will add to the excitement in this rapidly changing neighborhood.”

The property is nearby the Astoria NYC Ferry dock, providing access to lower and midtown Manhattan.