Astoria Waterfront Site Sells for $27 Million
Could Astoria be the next Williamsburg or Greenpoint? The Queens neighborhood just might follow in the footsteps of those Brooklyn hotspots after a waterfront development site traded for $26.5 million.
Boris Aronov, a co-developer of 101 Leonard Street in Tribeca, acquired the 160,000-square-foot lot at 3-15 26th Avenue, which was marketed last year for its potential transformation to an 800,000-square-foot residential development. But its fate hinges on an uncertain change to its current zoning for manufacturing.
The site was being marketed for $80 million last year, and the much smaller sales price mostly reflects a decision by the buyer to purchase the site “as-is” rather than get the crucial zoning variance. The seller was Le Noble Lumber Company, which had owned the site for 30 years. Jon Epstein and Arthur Mirante of Avison Young represented Le Noble.
Sales at 101 Leonard Street–which Mr. Aronov developed with Bizzi & Partners–began last July.