Cushman & Wakefield announced on Thursday that the firm had arranged the sale of two mixed-use development sites in Astoria.
23-61 31st St. was purchased by Thomas Ballis, Peter Giallias and Paul Fotinos for $1.3 million, equaling $184 per buildable square foot. 23-71 31st St. was purchased by JJM 23-71, LLC for $1.6 million, equating to $209 per buildable square foot.
Cushman & Wakefield’s Stephen R. Preuss with Andreas Efthymiou represented the sellers in all marketing efforts.
“These properties presented rare opportunities to capitalize on the growing demand for new, residential construction in Astoria,” said Preuss. “This neighborhood is an attractive area for New York City commuters for its convenient location near public transportation.”
Both development sites are C4-3 zoned with fully-approved plans in place for a six-story mixed-use building. Each building has one commercial space and ten one-bedroom, one-bathroom residential units. The building plans include a rooftop terrace, gym and below grade bike and personal storage space, and both sites will be delivered with demo approvals in place.
Both sites are blocks away from the N and W trains at the Ditmars Boulevard Subway Station and the Astoria Boulevard Subway Station as well as the Astoria Ferry.