Pre-approved for 2.2 million square feet in mixed-use development, 8.7-acre property is poised to transform the Queens waterfront

New York, NY – May 10, 2017 – Cushman & Wakefield has set an initial deadline of Wednesday, June 28 for bids to acquire Astoria Cove, an 8.7-acre waterfront development site in the Astoria neighborhood of Queens.

With government approvals fully in hand for 2.2 million square feet of mixed-use development, the offering presents investors with the opportunity to acquire one of New York’s fully approved waterfront development sites, in one of America’s top-performing submarkets.

Cushman & Wakefield has attracted and witnessed a massive surge in developer interest in Astoria Cove that has been stimulated by New York State’s recent finalization of a new 421a program called “Affordable New York,” which extends incentives to developers that dedicate a minimum proportion of their sites to affordable housing.

Situated adjacent to The Durst Organization’s planned $1.5 billion, 2,400-unit Halletts Point development, which is already actively under construction, Astoria Cove has been approved for approximately 1.7 million residential square feet, nearly 110,000 square feet of retail, roughly 62,250 square feet for a school, and 300,000 square feet of parking. One-quarter of the site’s projected 1,700 residential units are required to qualify as affordable housing.

“Immediately upon adoption of the new 421a incentive program, we witnessed a substantial uptick in investor interest in Astoria Cove,” said Cushman & Wakefield executive managing director Robert M. Shapiro, who is leading a marketing team that includes Robert A. Knakal, chairman of New York Investment Sales for Cushman & Wakefield, and chairman Adam Spies.

“The development community uniformly recognizes that this site represents the future of luxury living along Queen’s shoreline,” said Mr. Shapiro. “Astoria Cove is destined to advance Astoria’s historic transformation into one of New York City’s most vibrant and attractive destinations for residential living. The extremely close by Astoria route of the Citywide Ferry Service set to open in 2017 will connect the growing business and residential communities, including the new Cornell Tech Campus, with landings on 34th Street, Roosevelt Island, Long Island City, and Wall Street / Pier 11”

Carefully assembled well over a decade ago, the development site features 520 linear feet of waterfront shoreline with views up the East River, the RFK and Hell Gate Bridges, and across the Astoria peninsula to the Manhattan skyline.

Only two city properties exceeding two million square feet of buildable potential have sold since 2009. Only one, Brooklyn’s Domino Sugar Factory, benefited from a waterfront location.

The Astoria neighborhood of Queens is one of the New York City’s most rapidly advancing submarkets, with a growing population enjoying access to major business centers, and numerous cultural and shopping amenities.

Moreover, since 2010, total annual dollar volume of private and public investment pledged to the neighborhood has increased 487 percent, while property values have climbed 59 percent on a price-per-square-foot basis.

In recent years, more than 25 institutional investors and developers have been responsible for a combination of more than $16.7 billion in investments associated with roughly 15.8 million square feet of commercial and residential projects either recently completed or planned in Astoria and Long Island City.

The nearby Halletts Point development will be home to approximately 2,400 rental residences, along with a mix of retail, a waterfront esplanade, parklands, and renovated playgrounds. It represents The Durst Organization’s first-ever major project outside of Manhattan.

About Cushman & Wakefield

Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.