Two developers have teamed up to build a 76-unit condominium in Long Island City after buying a development site with 78,000 square feet of buildable space.
Axelrod Development Group and Lions Group acquired a development site at 14-01, 14-07, and 14-19 Broadway on the border of Long Island City and Astoria for $10.23 million. The two partners plan to build a condo on the newly acquired site.
Shimon Shkury, Howard Raber, Victor Sozio and Michael A. Tortorici of Ariel Property Advisors represented the seller in the deal.
“The price achieved at 14-01 Broadway demonstrates both the strength of today’s market and the market’s faith in Astoria’s future,” said Raber.
The site is zoned for residential or mixed-use development and consists of three contiguous lots with 182 feet of frontage on the north side of Broadway between 14th and 21st Streets. [REW] —TRD