Boris Aronov, co-developer of Tribeca’s 101 Leonard Street, has paid $26.5 million for a development site on the Astoria waterfront, according to city records filed Friday. The 160,000-square-foot lot at 3-15 26th Avenue was marketed last year for $80 million as being ripe for an 800,000-square-foot residential site, but it’s currently still zoned for manufacturing, and sources said that the low purchase price was due to uncertainty about when the site would be ready for a residential project.
The seller was Le Noble Lumber Company, according to public records, which purchased the site in 1984. Avison Young’s Jon Epstein, who represented Le Noble along with colleague Arthur Mirante, attributed the large gulf between the asking and selling price to the fact that Le Noble decide to sell the site “as-is,” rather than securing a zoning variance. This means Aronov will now have to handle that costly and time-consuming process if he wants to build apartments.
From the NY Times:
Although Queens Plaza has succeeded in luring residential and hotel projects, it has been slower to attract new office buildings. Turning Long Island City into a central business district to rival Jersey City was a Bloomberg administration goal, but brokers who specialize in commercial real estate say that a significant influx of office tenants is still years away. “It’s been more of a trickle than a flood,” said John Reinertsen, a senior vice president at the brokerage firm CBRE, who is based in Long Island City.
From Brownstoner Queens:
Another hotel for Long Island City? Can’t say we’re shocked. The Department of Buildings issued a new building permit in December for a ten-story, 74-room hotel. The location in question, 40-47 22nd Street, is right on the corner of 44th Avenue and 22nd Street. According to signs on the construction fence, the ETA is for the summer of 2015.
Great, this is just what Queens needs!
Wait, where is the requisite "Long Island City is the next big thing!" article?
Here you go.