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.
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