Astoria Lot Sells to Developer for $8 Million

The parcel at 37-21 32nd Street, between 37th and 38th avenues in Astoria, sold to a Queens-based developer for $8,125,000. According to PropertyShark, the lot has a total of 20,500 square feet and frontage on both 33rd and 32nd Streets. It’s zoned M1-2/R6A/LIC so a residential development is definitely possible here. The current warehouse on site is also only built up to a FAR of .88 — the maximum allowed FAR is 3. Not many details on the developer, who picked up the parcel under the name “Shangra-La Astoria Inc.” If you have any clue what’s happening to this site, send details through the tipline… GMAP