Blue Mountain Capital has picked up a residential development site near the Astoria Waterfront for $8.2 million. Located at on 31st Drive in Astoria, Queens, the property is zoned as R7A/R5B, which allows for a maximum 33,982 buildable square feet for residential development. The lot totals approximately 9,850 sqf and features an estimated 98 feet of frontage on 31st Drive. Trading for just over $241 per buildable sqf, there currently is a 10,000 sqf warehouse building consisting of ground floor and mezzanine space on the site. A Cushman & Wakefield brokerage team consisting of Senior Managing Director Stephen R. Preuss and Senior Associate Andreas Efthymiou represented the seller, Kenneth Trading Corp.
“With the recent opening of the Astoria Ferry Terminal, the nearby subway stations and the proximity to Manhattan, 11-35 31st Drive is located in a growing residential neighborhood,” said Cushman & Wakefield’s Stephen R. Preuss. “As demand for residential development continues to rise in Astoria, the buyer has made an exceptional investment.”
