The Related Companies have purchased two, nearly century-old residences in Astoria and Long Island City, with the intent to preserve the properties.
According to Department of Finance documents, Related bought 36-05 Vernon Blvd. for $3.4 million, and 5-16 47th Rd. for $3.1 million, from Silvershore Properties in July. Both are four-story, eight-unit buildings constructed in the '30s, per the DOF.
According to Related, the buildings will be preserved as “workforce housing.” Specifically, they will not be converted into luxury units, the spokesperson said.