Rubin Isak, Rubin & IsakBelow I will highlight the details of several building transactions. The following sales have occurred in the third and fourth quarters of this year, in the Astoria neighborhood of Queens, New York.
1. 43-20 Astoria Blvd. is a gas station located on the corner of 44th St. and Astoria Blvd South. The lot is approximately 11,914 s/f. The site traded on October 7th for $5.35 million. The seller is an Astoria investor and the purchaser is located in College Point.
2. 30-27 Steinway St. is a two-story, 5,740 s/f retail building located on Steinway St. between 30th and 31st Aves. The building sold for $4.1 million on November 18th. The seller purchased this building in 2007 for $3.15 million.
3. 27-11 30th Ave. is a C1-3/R6A/R6B zoned 50’ x 104’ lot with over 15,500 s/f of buildable s/f. The site is located between 27th and 28th St.; one block away from Crescent St. It traded for $4.3 million on October 26th. This healthy sale price equates to $275/buildable s/f. The buyer is an Astoria-based contractor.
4. 21-13 31st Ave. is a 11,000 s/f garage building on a 50’ x 143’ lot. The site is in a R6A zone, giving this lot approximately 21,450 buildable s/f. The property traded on October 20th for $7.05 million. This sales price equates to roughly $328/buildable s/f. The purchaser is a New Hyde Park based contractor.
5. 25-34 36th St. is a four-story, 7,151 s/f, apartment building built in 2007, with eight free market units. The property is located between Astoria Blvd. South and 28th Ave. It sold on September 16th for $3,.4 million. The sale price equates to 16.6X gross rent, a 5.28% capitalization rate, $475/s/f and $425,000/unit.
6. 24-39 28th St. is a four-story, 8,355 s/f, nine-family walk-up apartment building. The building is located between 24th Ave. and Hoyt Ave. North. It sold for $2.175 million on September 24th. Both the seller and buyer are local investors.
7. 30-68 37th St. is a 3,600 s/f, three-story, six-unit, walk-up apartment building. The property sold for $1.82 million on September 30th. The purchaser is a private investor from Maspeth. The sale price equates to $505/s/f and $303,000/unit.
8. 30-16 Steinway St. sold for $1.725 million on August 10th of this year. Three months later, on November 16th, the property changed hands again; this time for $2.45 million. A $725,000 increase 90 days! The property is a 3,625 s/f, two-story, mixed-use building between 30th Ave. and 31st Ave.
Along with these sales, Astoria has seen a steady stream of new development projects. I will touch on the most recent filings below(November 2015):
1. The owners of 30-11 12th St., located on the corner of 30th Ave., have just filed plans for a 31,743 s/f, five-story apartment building. They are looking to build 38 apartments and 24 enclosed parking spaces.
2. At 31-10 28th Rd., the developer has filed plans to construct a 12,693 s/f, five-story apartment building with 18 residential units. The development will also have six enclosed parking spaces.
3. Developers are proposing an eight-story, mixed-use project on their site at 21-07 Astoria Blvd. They are calling for 37,995 s/f of residential and 9,017 s/f of commercial space for a total of 47,012 s/f. The site will have 55 apartments and 28 enclosed parking spaces.
4. At 30-63 31st St. the owners have filed plans to erect a 22,763 s/f, seven-story mixed-use building. 7,116 s/f of that will be commercial; 515 s/f will be used as community facility and 15,131 s/f will be used for residential. There will be 23 apartments along with thirteen enclosed parking spaces.
5. A new hotel has been planned for 37-17 12th St. The site is located in a M1-3 (light manufacturing) district. The owners have filed to erect a 25,040 s/f, 11-story, 77-unit, transient hotel.
With higher apartment and retail rental rates, higher price per s/f and land prices than we have seen ever before, Astoria is, and I believe, always will be one of the strongest real estate markets in the five boroughs.
Rubin Isak is the CEO of Falco & Isak Realty Services, Queens. N.Y.