Criterion Group pays $57M for Astoria development site

Home to wholesale grocery can hold up to 460,000 square feet for residential use

New York /
Oct.October 21, 2014 03:09 PM

Astoria developer Shibber Khan’s Criterion Group acquired a large development site in the neighborhood for $57 million.

The site at 11-12 30th Drive, spanning Vernon Boulevard through 12th Street and close to the Astoria Cove development, can hold as much as 460,000 square feet for residential use. Long Island-based development firm Vernon Realty Associates put the property on the market for $60 million in August, as previously reported.

Wholesale grocer Bohea Associates currently occupies the low-rise warehouse on the premises. If Criterion were to include an affordable housing component, a residential building as tall as 10 stories could rise on the site.

Adam Spies, Doug Harmon and Jean Celestin of Eastdil Secured had the listing.

Last year, Criterion sold two high-end rental buildings at 30-50 21st Street and 11-15 Broadway for a total of $60 million, as previously reported. [Crain’s]Mark Maurer


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