Astoria Development Site Sells for More Than $10 Million

Ariel Property Advisors announced today that the development parcel at 14-01, 14-07, and 14-19 Broadway sold for $10,225,000. The lot hit the market over the summer asking $11,250,000; it entered contract earlier this year. As Howard Raber of Ariel told us at the time, “When we set the price at $11,250,000, we weren’t sure if we could get a comparable price. We’ve found that the current market does have an appetite.”

The corner lot, zoned for residential and mixed use development, comes with 78,000 buildable square feet. The buyer is a real estate investment group, who could build up to a seven-story building here. Howard Raber stated in a press release that “the price achieved at 14-01 Broadway demonstrates both the strength of today’s market and the market’s faith in Astoria’s future.”

Huge Astoria Development Site on Broadway Is Now Under Contract [Q’Stoner]
Astoria Development Site Asks $11.25M [Q’Stoner] GMAP