Ariel Property Advisors Arranges $10M Queens Development Sale
Al Barbarino April 2, 2014, 7:30 a.m.
Ariel Property Advisors has arranged the sale of a development site on the border of Long Island City and Astoria, featuring approximately 78,000 buildable square feet, for $10.23 million, Commercial Observer has learned.
The site, comprised of 14-01, 14-07, and 14-19 Broadway, is zoned for residential or mixed-use development and its three contiguous lots offer 182 feet of frontage on the north side of Broadway between 14th and 21st Streets.
“Rising rents and condominium prices are creating tremendous demand for Queens development sites,” said Shimon Shkury, president of Ariel Property Advisors, who arranged the sale with Howard Raber, Victor Sozio, and Michael Tortorici. “Because sites of this scale rarely come to market in Queens, we attracted a wide array of both local and new entrant developers to the area.”
“The price achieved… demonstrates both the strength of today’s market and the market’s faith in Astoria’s future,” added Mr. Raber, vice president of Ariel Property Advisors.
The property is a short walk to the N and Q trains, as well as local restaurants, bakeries, and stores, as is a separate property Ariel Property Advisors is marketing at 14-23 Broadway, which features 14,500 buildable square feet at a $2.15 million asking price.
The seller of the 78,000-square-foot site was identified only as a private investor, while the buyer is a real estate investment group.