Huge Astoria Development Site on Broadway Is Now Under Contract

The Astoria development site encompassing 14-01, 14-07, and 14-19 Broadway is now under contract, according to Ariel Property Advisors. The parcel hit the market this summer for $11,250,000, or about $144 per square feet. Howard Raber of Ariel told us that the final number came in very close to that. “When we set the price at $11,250,000, we weren’t sure if we could get a comparable price,” he said, noting that two years ago they wouldn’t be able to achieve that number. “We’ve found that the current market does have an appetite.”

The corner lot is 20,040 square feet with 78,342 square feet of air rights and 182 feet of frontage. It’s zoned for mixed use and could accommodate a seven-story mixed-use building which will likely have a residential component. Ariel Property Advisors is also marketing another nearby vacant lot — 14-23 Broadway. That site comes in at 14,500 square feet and is asking $2,150,000. The DOB already approved plans for a seven-story, 15-unit building there.

14-01, 14-07, and 14-19 Broadway Listing [Ariel Property Advisors]
Astoria Development Site Asks $11.25M [Q’Stoner] GMAP