New York, NY – December 18, 2018 – Cushman & Wakefield announced today that the firm has arranged the sale of 25-79 31st Street, a 19,715 buildable square-foot development site in Astoria, Queens. The final closing price is $4,600,000, or $233 per buildable square foot.
Cushman & Wakefield’s Stephen R. Preuss represented the seller, 31st Street South, LLC, in the transaction. The property was purchased by Joseph Grgas.
“This is a rare opportunity to capitalize on the growing demand for new construction residential space in the Astoria and Long Island City area,” said Stephen Preuss of Cushman & Wakefield “The buyer has acquired an exceptional opportunity to develop in an expanding neighborhood.”
25-79 31st Street has fully approved plans in place for a seven-story mixed-use building of approximately 29,204 gross building square feet and approximately 19,715 square-feet of ZFA. The building will consist of one commercial/community facility space, and 23 residential units.
The residential units are made up of a mix of eleven 1-bedroom, ten 1 ½ bedroom and two 2-bedroom units. The building will be complete with below grade private parking, a sky deck, gym, bike storage and private outdoor space in every unit.
This area of Astoria is gaining popularity among NYC commuters for its convenient location near public transportation. The property is located in proximity to multiple subway stations via 31st Street including the N W trains at 30th Avenue and Astoria Boulevard.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.