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Photo courtesy of Modern Spaces

An Astoria development site was sold for $4.8 million and will be transformed into a residential building, according to real estate firm Modern Spaces.

The lot at 8-25 Astoria Blvd. offers up to 33,751 buildable square feet, the real estate firm said.

A Modern Spaces team of Evan Daniel, Edward DiTomasso and Alice Chan represented the buyer and seller. Daniel said the new owner has the intent to use the site for residential development.

The sale equates to about $142 per buildable square feet, which is much less than land values in nearby Long Island City.

Partly because of the lower land prices, Astoria has become a hot neighborhood for development. Not far from the site, the Hallets Point and Astoria Cove mega projects will bring about 4,000 units, and hundreds of other apartments are planned around the area.

“Northwest Astoria remains relatively undeveloped but with several major projects in the pipeline, this area contains some hidden jewels for developers both local and abroad,” said Daniel, executive vice president of the real estate firm’s commercial division. “With land values in neighboring Long Island City hovering around $250 per buildable square foot, some may actually view the price point of this property, and several around it, as a ‘bargain.’”

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