Massive Site Along the Hallets Point Waterfront Sells for Big Bucks

The four-acre residential development site at 3-15 26th Avenue, formerly a lumberyard along the Astoria waterfront, just hit public records for $26,500,000. The Real Deal reports that the buyer is Boris Aronov, a co-developer of 101 Leonard Street in Tribeca. The humongous parcel first hit the market in the summer of 2012 when it was asking $80,000,000. As The Real Deal reported at the time, “Based on discussions with the Department of City Planning, [the brokers] said the land could be rezoned to allow for 800,000 square feet of residential development, rendering the asking price an even $100 per buildable square-foot.” The parcel sold much lower than ask because the area is still zoned for manufacturing and it needs serious infrastructure upgrades to support a residential development.

Whatever’s to come, it’ll join the Hallets Point development as well as the Astoria Cove development planned for the now-sleepy waterfront. Know any more details about what the developer may have planned for the site? Then please hit up our tipline… GMAP