Astoria building with 114 rentals hits the market for $100M

The Mega Contracting Group-owned building is located at 31-57 31st Street

TRD New York /
Apr.April 09, 2018 07:00 AM

31-57 31st Street (Credit: CityRealty)

Development and construction firm Mega Contracting Group has put a mixed-use building in Astoria with 114 residential units on the market for $100 million.

The firm paid $17.4 million for the property at 31-57 31st Street in 2015, when it was a parking lot, according to Crain’s. Mega Contracting Group then constructed a rental building with an underground parking garage, along with retail and community space.

Despite not having any affordable units, the property is subject to 421a benefits because the developer was able to get into the program before it was reformed last year. The site also has ICAP benefits, which gives tax breaks to developers who work on newly constructed commercial spaces.

A Cushman & Wakefield team led by Bob Knakal was hired to market the building.

There are a few new residential buildings in the works in the neighborhood, including Astoria Boulevard Construction’s 47-unit project at 8-29 Astoria Boulevard and Strategic Capital Metropolitan’s 50-unit condo building at 3-11 27th Avenue. [Crain’s]Eddie Small


Related Articles

arrow_forward_ios
Data on third quarter CRE investments suggests a nationwide improvement, but Manhattan has been slow to recover (iStock)

NY falls behind Dallas, LA in CRE investment as deals surge nationwide

NY falls behind Dallas, LA in CRE investment as deals surge nationwide
Existing home sales rose again in September as listed inventory sunk to a new low. (iStock)

Existing homes sales remain high, but inventory is “historically low”

Existing homes sales remain high, but inventory is “historically low”
 Jennifer Lawrence and 17 Jane Street with Edward Minskoff (Getty; Sciame Construction)

Jennifer Lawrence buys at Ed Minskoff’s West Village condo

Jennifer Lawrence buys at Ed Minskoff’s West Village condo
Gov. Andrew Cuomo (Getty; iStock)

New York City lifts lockdown for some Covid hot spots

New York City lifts lockdown for some Covid hot spots
217 West 57th Street with Extell Developement's Gary Barnett and Corcoran's Pamela Liebman (Photos via Extell; Barnett via Anuja Shakya)

Extell brings on Corcoran Sunshine to help market Central Park Tower

Extell brings on Corcoran Sunshine to help market Central Park Tower
660 Madison Avenue (Photo via Jenel Real Estate)

Safra family finally begins 660 Madison’s office-to-resi conversion

Safra family finally begins 660 Madison’s office-to-resi conversion
The Northeast is driving gains in building permits and housing starts (iStock)

Northeast drives gains in building permits, housing starts

Northeast drives gains in building permits, housing starts
(Getty, iStock)

Mortgage applications to buy homes decline for fourth straight week

Mortgage applications to buy homes decline for fourth straight week
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...