Werber pays $32M for Astoria commercial building

Buyer has no development plans for 50K sf site

TRD New York /
Aug.August 29, 2014 05:50 PM

Queens-based construction and management firm Werber Management acquired a 50,000-square-foot commercial building in Astoria from Short Hills, N.J.-based developer Garden Commercial Properties for $32 million, according to property records filed with the city today.

The three-story property at 28-56 Steinway Street near 30th Avenue holds both retail and offices. Duane Reade, New York Sports Club and JPMorgan Chase Bank comprise the ground-floor space. The site, which was last altered in 2002, boasts more than 57,000 buildable square feet.

Garden Commercial Properties paid $22.5 million for the building back in 2007, when C & K Properties owned it, records show.

Massey Knakal Realty Services brokers Robert Knakal, Thomas Donovan and Tommy Lin represented both sides in the deal, according to Benjamin Werber, managing member of Werber.

“The buyer views this strictly as an investment,” Lin told The Real Deal, adding that there are no plans to redevelop the site.

Last year, Werber acquired a 12-story, 50,000-square-foot rental building at 202 8th Street in Gowanus from JDS Development and Property Markets Group for $37.8 million, as The Real Deal reported.


Related Articles

arrow_forward_ios
The Daily Digest - Tuesday

WeWork bonds hit low, new LLC legislation went farther than intended: Daily digest

For mall owners like Simon, Brookfield and Vornado, Forever 21 bankruptcy signals more trouble ahead

Clockwise from top left: The Watchtower building at 25 Columbia Heights, Long Island University at 1 University Plaza, The Rheingold at 10 Montieth Street and 871 Bushwick Avenue in Brooklyn (Credit: Wikipedia and Google Maps)

These were the top 10 outer borough loans last month

10 Madison Square West (Credit: StreetEasy, iStock)

Lawsuit: Pet Smart’s animal excrement is stinking up this $11K-a-month apartment

Triplemint's David Walker and Gina Ko with The Alexandra (Credit: Triplemint)

Lead-gen firm Triplemint jumps into the new dev game

Clockwise from top left: 312 West 34th Street, 61 North 9th Street, 639 Classon Avenue, and One Fulton Square (Credit: Google Maps)

These were the top 10 NYC retail leases in July

Banks see uptick in mortgages, but remain wary ahead of potential Fed interest rate cut

Clockwise from top left: 54 Crown Street, 451 10th Avenue, 46-09 69th Street and 270 Park Avenue (Credit: Google Maps)

The top 10 biggest real estate projects coming to NYC

arrow_forward_ios