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.