Tuesday, August 7, 2012

Huge development site for sale in Astoria

From the Wall Street Journal:

A potential massive residential development site is up for sale near the Astoria waterfront in Queens. The 4-acre site at 3-15 26th Ave. was formerly a lumber yard and featured in the film "Freejack," with Mick Jagger. But it is now being marketed as a potential site for residential development.

Arthur Mirante, of Avison Young, which is marketing the site, says based on initial discussions with the Department of City Planning, the site could be rezoned to accommodate 800,000 square feet of residential development.

Astoria, which has a large Greek population, also has been attracting young professionals to its bars and night life. The city rezoned a large portion of Astoria in 2010, which allowed for large new residential developments on some of the city's main streets.

There are several large industrial sites along the waterfront that could potentially be targets for residential rezoning, according to brokers.

The sellers of the site will be seeking about $100 per buildable square foot, or upward of $80 million. "It's not an area where manufacturing distribution has a long life left in it," Mr. Mirante says.


Anonymous said...

"Astoria, which has a large Greek population, also has been attracting young professionals to its bars and night life."

The only time any "young professionals" end up in this part of Astoria it's to buy drugs from the projects or when they make a wrong turn on the way to Costco.

Anonymous said...

I suggest Mt. Sinai Hospital buy the land and build an up-to-date facility there instead of trying to rezone Crescent Street and forcing residential citizens out of their homes.

Those bastards think they own OUR community!

Anonymous said...

This proposed location for a new hospital is BRILLIANT!

I really would like to meet the person who came up with the idea and shake their hand.

One could write volumes on the merits.

I have worked in Ravenswood for over 30 years and been involved in numerous health emergencies.

Believe me, this notion has legs.

John Ottulich

Anonymous said...

Park + Hospital. Queens needs a greenbelt. "Astoria General" on 30th Ave could be turned into condos when this is all over.

Anonymous said...

La famiglia di Vallone will, no doubt, get a cut from the sale.

"Charlie "the judge" taught his offspring the benefits of the graft game while they were just toddlers.

Anonymous said...

Hospitals need good mass transit. How far is the subway from here?

Anonymous said...

Vallones busy with a fire sale before the pull up stakes for greener pa$ture$.

Astoria is about worked out.

Anonymous said...

$80mm on initial discussions; i stress the word initial.

it might as well be $800mm.

at $80mm, the sellout value would have to be $250mm to cover construction costs etc...

$80mm can buy a few neighborhoods let alone a plot of land off the beaten path.
is this a joke?

Anonymous said...

40,000 more people draped around the Astoria Houses (which themselves came within an inch of flooding last year)

IMHO this will bring in only riff-raff and become a festering slum not seen in NYC since the infamous 19th century slum Five Points.